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 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 $ 32,794 $ 33,818 9,035 62,400 51,900 85,000 55,000 8,608 3,758 221,118 197,124 236,617 $ 475,507 $118,401 $ 409,920 $ 341,600 $ 69,276 $ 45,091 89,395 94,282 75,494 162,500 162,500 162,500 105,211 83,862 58,515 $ 475,507 $ 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. Interest expense Income tax exnense other operating expenses Current Yr $ 377,077 191,629 10,509 8.036 $ 618,159 1 Yr Ago $ 487,805 $ 317,073 123,415 11,220 7.317
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