Question
Required Information [The following information applies to the questions displayed below] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable,
Required Information [The following information applies to the questions displayed below] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable $ 40,506 51,100 Current Year 1 Year Ago 2 Years Ago $ 32,931 89,500 110,500 10,605 $ 38,493 326,001 $569,537 Long-term notes payable $ 138,978 104,931 Common stock, $10 par value 162,500 Retained earnings 163,128 Total liabilities and equity $ 569,537 62,500 83,000 10,104 296,883 $ 490,980 $ 81,316 110,667 162,500 136,497 $ 490,980 52,000 4,501 269,393 $ 417,500 $ 54,008 98,422 162,500 110,570 $ 417,500 The company's Income statements for the current year and one 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 Year $740,398 $ 451,643 229,523 1 Year Ago $ 584,266 12,587 9,625 703,378 $ 37,020 $ 379,773 147,819 13,438 8,764 549,794 $ 34,472 $ 2.28 $2.12
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started