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Please correct the boxes if I have done anything wrong and fill out the boxes that are empty. Thank you! Required Information The following Information
Please correct the boxes if I have done anything wrong and fill out the boxes that are empty. Thank you!
Required Information The following Information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity $ 32,656 90,000 112,500 10,516 291,701 $ 537,373 $ 38,172 $ 38,218 62,780 51,308 84,888 53,880 10,828 4,246 268,361 228,836 $ 463,253 $ 374,880 $ 137,82 104,857 162,580 132,996 $ 537,373 $ 80,638 $ 95 109,745 85,316 162,580 162,500 110,370 76,826 $ 463,253 $ 374,888 The company's Income statements for the current year and one year ago follow. Assume that all sales are on credit: For Year Ended December 31 Sales Cost of goods sold other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Yr $ 698,585 $ 426,137 216,561 11,876 9,882 663,656 $ 34,929 1 yr ago $ 551,271 $ 358,326 139,472 12,679 8,269 518,746 $ 32,525 $ 2.15 $ 2.ee (2-a) Compute accounts receivable turnover. (2-b) For each ratio, determine if it Improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 2A Required 28 Compute accounts receivable turnover. Choose Numerator: Accounts Receivable Turnover Choose Denominator: Average accounts receivable, net 698,585 / Accounts Receivable Turnover Accounts receivable turnover Net sales Current Yr: S = 0 times 1 Yr Ago: S 551,271 / = 0 timesStep by Step Solution
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