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 Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity Current Yr 1 Yr Ago 2 Yrs Ago $ 25,066 89,600 $ 29,299 $ 30,520 62,200 51,400 112,500 83,500 59,000 8,072 7,691 3,391 193,896 187,253 167,089 $429,134 $105,786 79,870 162,500 $369,943 $ 311,400 $ 61,895 $ 40,694 84,2361 162,500 68,131 162,500 80,978 $429,134 61,312 40,075 $369,943 $ 311,400 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 Other operating expenses Cost of goods sold Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Yr 4 $ 557,874 $ 340,303 172,941 9,484 7,252 529,980 $ 27,894 $ 1.72 1 Yr Ago $ 440,232 $ 286,151 111,379 10,125 6,603 414,258 $ 25,974 $ 1.60
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