Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

plz help me with this qn thanks in advance Required information (The following information applies to the questions displayed below.) Simon Company's year-end balance sheets

plz help me with this qn thanks in advance image text in transcribedimage text in transcribed

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 secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 28,707 89,700 114,000 9,245 259,962 $ 501,614 $ 33,556 $ 35,675 62,700 50,400 83,500 59,000 8,809 3,964 243,861 222,461 $ 432,426 $ 371,500 $ 121, 155 $ 70,888 $ 47,567 91,474 162,500 126,485 $ 501,614 96,474 79,638 162,500 162,500 102,564 81,795 $ 432,426 $ 371,500 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 Current Yr $ 652,098 $ 397,780 202, 150 11,086 1 Yr Ago $ 514,587 $ 334,482 130, 191 11,836 Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 91,474 162,500 126,485 $ 501,614 96,474 79,638 162,500 162,500 102,564 81,795 $ 432,426 $ 371,500 The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit: Current Yr $ 652,098 $ 397,780 202,150 For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income 11,086 1 Yr Ago $ 514,587 $ 334,482 130, 191 11,836 7,719 484, 228 $ 30,359 $ 1.87 8,477 $ 619,493 32,605 2.01 Earnings per share $ 1-a) Compute days' sales uncollected. 1-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 1B

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Financial Accounting Fundamentals

Authors: John Wild

7th Edition

1260247864, 9781260247862

More Books

Students also viewed these Accounting questions

Question

13. Give four examples of psychological Maginot lines.

Answered: 1 week ago