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please provide correct answer asap begin{tabular}{|c|c|c|c|c|c|} hline multicolumn{6}{|c|}{ SIMON COMPANY } hline multicolumn{6}{|c|}{ Common-Size Comparative Balance Sheets } hline multicolumn{6}{|c|}{ December 31}
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\begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ SIMON COMPANY } \\ \hline \multicolumn{6}{|c|}{ Common-Size Comparative Balance Sheets } \\ \hline \multicolumn{6}{|c|}{ December 31} \\ \hline & \multicolumn{2}{|l|}{ Current Year } & 1 Year Ago & \multicolumn{2}{|l|}{2 Years Ago } \\ \hline Assets & & & & & \\ \hline Cash & % & % & % & % & % \\ \hline \multicolumn{6}{|l|}{ Accounts receivable, net } \\ \hline \multicolumn{6}{|l|}{ Merchandise inventory } \\ \hline \multicolumn{6}{|l|}{ Prepaid expenses } \\ \hline \multicolumn{6}{|l|}{ Plant assets, net } \\ \hline Total assets & & % & % & % & % \\ \hline \multicolumn{6}{|l|}{ Liabilities and Equity } \\ \hline Accounts payable & & % & % & % & % \\ \hline \multicolumn{6}{|l|}{ Long-term notes payable } \\ \hline \multicolumn{6}{|l|}{ Common stock, $10 par } \\ \hline \multicolumn{6}{|l|}{ Retained earnings } \\ \hline Total liabilities and equity & & % & % & % & % \\ \hline \end{tabular} Compute the current ratio for each of the three years. Simon Company's year-end balance sheets follow. For both the current year and one year ago, compute the following ratios: Exercise 17-6 (Algo) Common-size percents LO P2 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? Compute the acid-test ratio for each of the three yearsStep by Step Solution
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