Required information Use the following Information for the Exercises below. (Algo) The following information applies to the questions displayed below) Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash $ 27,995 5 32,724 $ 34, 432 Accounts receivable, net 81,140 56,689 46,828 Merchandise inventory 105, 110 75,675 50,868 Prepaid expenses 9,016 8,764 3,864 Plant assets, net 256, 834 239,334 211 807 Total assets $ 479, 296 $ 413, 186 $ 347,800 Liabilities and Equity Accounts payable $ 118, 151 $ 69,128 $ 46,369 Lonter notes payable 89,207 33, 132 74, 558 Common stock, S10 par value 162,500 163,500 163,500 Retained earnings 109,438 16,726 63,373 Total liabilities and equity $ 179,295 $ 413, 188 $ 347,800 For both the current year and one year ago, compute the following ratios Exercise 17-7 (Algo) Analyzing liquidity LO P3 Exercise 17-7 (Algo) Analyzing liquidity LO P3 (1-a) Compute the current ratio for each of the three years (1-1) Did the current ratio improve or worsen over the three-year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three year period? Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2A Required 28 Compute the current ratio for each of the three years. Denominato Current Rato Cumenti Current Year 1-Year Ago 2 Years Ago 10 ta 10 Required 18> Exercise 17-7 (Algo) Analyzing liquidity LO P3 11-a) Compute the current ratio for each of the three years (1-1) Did the current ratio improve or worsen over the three-year period? 12-a) Compute the acid-test ratio for each of the three years (2-b) Did the acid-test ratio improve or worsen over the three-year period? Complete this question by entering your answers in the tabs below. Required IA Required 18 Required 2A Required 25 Did the current ratio improve or worsen over the three-year period? Current 1-a) Compute the current ratio for each of the three years (1-1) Did the current ratio improve or worsen over the three-year period? 2-a) Compute the acid-test ratio for each of the three years (2.b) Did the acid-test ratio improve or worsen over the three-year period? Complete this question by entering your answers in the tabs below. Required IA Required 12 Required 2A Required 23 Compute the acid-test ratio for each of the three years Namera Acil Test Show Ad 101 Current Year 1 year ago 2 Years Age Required 15 Required 23 > Exercise 17-7 (Algo) Analyzing liquidity LO P3 (1-a) Compute the current ratio 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 ratio for each of the three years. 12-b) Did the acid-test ratio improve or worsen over the three-year period? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2A Required 28 Did the acid-test ratio improve or worsen over the three-year period? Acid-test ratio
