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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
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: 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 $ 652,098 $ 397,780 202, 150 11,086 8,477 619,493 $ 32,605 $ 2.01 1 Yr Ago $ 514,587 $ 334,482 130, 191 11,836 7,719 484,228 $ 30, 359 $ 1.87 2-a) Compute accounts receivable turnover. 2-b) For each ratio, determine if it improved or worsened in the current yearStep by Step Solution
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