Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

please help thanks Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net

please help thanks image text in transcribed
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 secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 27,777 89,700 110,000 8,945 220,661 $ 457,083 $ 32,469 532,588 62,780 51,800 84,500 50,000 8,523 3,612 205,845 188,888 $ 394,037 $ 318,800 $ 117, 228 $68,598 43,344 88,510 162,500 88,845 $ 457,083 93,347 72,568 162,500 162,500 69,600 40,388 $ 394,837 5 318,888 The company's income statements for the Current Year and 1 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 $ 594,288 $362,467 184,204 10, 102 7.725 564,498 $ 29,710 $ 1.83 1 Yr Ago $ 468,984 $ 380,788 118,633 20,785 7,234 241, 240 $ 27,664 5 1.70 1-a) Compute days' sales uncollected 11-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 1A Required 18 Compute days' sales uncollected. Choose Numerator Days Sales Uncollected Choose Denominator: Days Days Sales Uncollected Days Sales Uncollected XX Current Yr: 1 Yr Ago: o days O days X

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions