Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please use top 2 pictures with information to awser bottom 3 questions Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
please use top 2 pictures with information
to awser bottom 3 questions
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 $ 31,600 89,400 111,000 10, 350 278,000 $520, 350 $ 36,000 $ 38,400 61,500 49,000 80,000 54, ee 9,200 4,200 252,000 225,000 $438,700 $ 370,600 $128,400 97,500 161,500 132,950 $520, 350 $ 72,750 $ 59,800 99,000 82,400 161,500 161,500 105,450 75,900 $438,700 $ 370,600 *** 1 . The company's income statements for the Current Year and 1 Year Ago, follow. 1 Yr Ago 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 $775,000 $457,250 240, 250 12,000 9,300 718,800 $ 56,200 $ 3.48 $ 630,000 $409,500 157,500 13,200 8,575 588,775 $ 41,225 $ 2.55 For both the Current Year and 1 Year Ago, compute the following ratios: (1-a) Profit margin ratio. (1-b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago? complete Liis question by entering your answers mule laus verow. Required 1A Required 18 Profit margin ratio. Profit Margin. Ratio Choose Denominator: Choose Numerator: Profit Margin Ratio Profit margin ratio 1 0 % Current Year: 1 Year Ago: 0 % (2) Total asset turnover. Total Asset Turnover Choose Numerator: Choose Denominator: 11 = Total Asset Turnover Total asset tumover times times Current Year: 1 Year Ago: 1 11 11 Complete this question by entering your answers in the tabs below. Required 3A Required 3B Return on total assets. Return On Total Assets Choose Numerator: Choose Denominator: Current Year: 1 Year Ago: Return On Total Assets Return on total assets % % Required Required 3B > CP

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