Required information!

Required information

Use the following Informatlon for the Exercles below. $($Algo$)$

$[$The following information applies to the questions ollsplayed below.$]$

In the current year, Randa Merchandising Incorporated sold its Interest In a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retall outlets. A listing of the major sections of an income statement follows.

$\backslash$table$[[$Item$,$Debit,Credit$],[1.$ Net sales,,$$4,200,000],[2.$ Gain on state's condemnation of company property,,$333,000],[3.$ Cost of goods sold,$$2,143,000,],[4.$ Incone tax expense,$314,000,],[5.$ Depreciation expense,$336,000,],[6.$ Gain on sale of wholesale business segment, net of tax,,$1,122,000],[7.$ Loss from operating wholesale business segment, net of tax,$643,000,],[8.$ Loss of assets fron meteor strike,$927,000,]]$

Exercise $13-18$A $($Algo$)$ Income statement presentation LO A$2$

Prepare the December $31$ year$-$end income statement.

Note: Loss amounts should be indicated with a minus sign.

Use the following Informatlon for the Exerclses below. $($Algo$)$

$[$The following information applies to the questions ollsplayed below.$]$

Simon Company's year$-$end balance sheets follow.

For both the current year and one year ago, compute the following ratlos:

Exerclse $13\mathrm{.}7($Algo$)$ Analyzing Ilquldity LO P$3$

$(1-$a$)$ Compute the current ratlo for each of the three years.

$(1-$b$)$ Did the current ratio improve or worsen over the three$-$year period?

$(2-$a$)$ Compute the acid$-$test ratlo for each of the three years.

$(2-$b$)$ Did the acid$-$test ratio Improve or worsen over the three$-$year perlod?

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Required $1A$

Compute the current ratio for each of the three years.Required information

Use the following Information for the Exerclses below. $($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Simon Company's year$-$end balance sheets follow.

For both the current year and one year ago, compute the following ratios:

Exercise $13-6($Algo$)$ Common$-$slze percents LO P$2$

Express the balance sheets In common$-$slze percents.

Assuming annual sales have not changed in the last three years, Is the change In accounts recelvable as a percentage of total

assets favorable or unfavorable?

Assuming annual sales have not changed in the last three years, Is the change in merchandise Inventory as a percentage of total

assets favorable or unfavorable?

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Req$1$

Express the balance sheets in common$-$size percents.

Note: Do not round intermediate calculations and round your final percentage answers to $1$ decimal place.