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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 Common stock, $10 par value Retained earnings Total liabilities and equity Current Yr 1 Yr Ago 2 Yrs Ago: $ 28,055 89,300 112,500 9,035 236,617 $ 32,794 $ 33,818 62,400 51,900 85,000 55,000 8,608. 3,758 197,124 $ 475,507 $ 118,401 89,395 162,500 105,211 $ 475,507 221,118 $ 409,920 $ 341,600 $ 69,276 $45,091 94,282 162,500 83,862 75,494 162,500 58,515 $ 409,920 $ 341,600 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 Current Yr 1 Yr Ago $ 618,159 $ 487,805 $ 377,077 $ 317,073
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