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Please explain how you got your answer. thank you Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs
Please explain how you got your answer. thank you
Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash 36,250 $ 62,000 81,400 9,200 248,500 37,000 50,500 31,400 89,000 111,000 10,550 281,000 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 54,000 4,700 226,000 Total assets $522,950 $437,350 $ 372,200 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages Common stock, $10 par value Retained earnings $ 76,000 $ $128,000 50,400 100,500 163,500 97,350 plant assets 97,000 163,500 82,800 163,500 75,500 on 134,450 Total liabilities and equity $522,950 $437,350 $ 372,200 The company's income statements for the Current Year and 1 Year Ago, follow. 1 Yr Ago For Year Ended December 31 Current Yr Sales $765,000 600,000 Cost of goods sold Other operating expenses $474,300 237,150 $384,000 150,000 12,500 Interest expense Income tax expense Total costs and expenses 11,600 9,400 8,800 732,450 555,300 $ 44,700 $ 32,550 Net income $ Earnings per share 1.99 2.73 For both the Current Year and 1 Year Ago, compute the following ratios: (2) Total asset turnover Answer is complete but not entirely correct. Total Asset Turnover Total Asset Choose Numerator: Choose Denominator: Turnover Net sales Average total assets Total asset turnover Current Year: times 522,950 404,775 1.3 1 Year Ago: times $ $ 765,000 480,150 1.6
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