Question
Simon Companys year-end balance sheets follow. At December 31 2014 2013 2012 Assets Cash $ 26,865 $ 30,479 $ 32,067 Accounts receivable, net 77,100 52,800
Simon Companys year-end balance sheets follow. |
| At December 31 |
|
| 2014 |
|
| 2013 |
|
| 2012 |
Assets |
| |||||||||
| Cash |
| $ | 26,865 |
| $ | 30,479 |
| $ | 32,067 |
| Accounts receivable, net |
|
| 77,100 |
|
| 52,800 |
|
| 41,062 |
| Merchandise inventory |
|
| 97,899 |
|
| 72,619 |
|
| 45,539 |
| Prepaid expenses |
|
| 8,397 |
|
| 8,243 |
|
| 3,563 |
| Plant assets, net |
|
| 236,153 |
|
| 220,699 |
|
| 198,469 |
|
|
|
|
| ||||||
| Total assets |
| $ | 446,414 |
| $ | 384,840 |
| $ | 320,700 |
|
|
|
|
| ||||||
| Liabilities and Equity |
|
|
|
|
|
|
|
|
|
| Accounts payable |
| $ | 113,380 |
| $ | 65,038 |
| $ | 42,332 |
| Long-term notes payable secured by mortgages on plant assets |
|
| 85,604 |
|
| 91,169 |
|
| 71,583 |
| Common stock, $10 par value |
|
| 162,500 |
|
| 162,500 |
|
| 162,500 |
| Retained earnings |
|
| 84,930 |
|
| 66,133 |
|
| 44,285 |
|
|
|
|
| ||||||
| Total liabilities and equity |
| $ | 446,414 |
| $ | 384,840 |
| $ | 320,700 |
|
|
|
|
| ||||||
The companys income statements for the years ended December 31, 2014 and 2013, follow. |
For Year Ended December 31 | 2014 | 2013 | |||||||||
Sales |
|
|
| $ | 580,338 |
|
|
|
| $ | 457,960 |
Cost of goods sold | $ | 354,006 |
|
| $ | 297,674 |
|
| |||
Other operating expenses | 179,905 |
|
| 115,864 |
|
| |||||
Interest expense |
| 9,866 |
|
|
|
|
| 10,533 |
|
|
|
Income taxes |
| 7,544 |
|
|
|
|
| 6,869 |
|
|
|
|
|
|
|
|
|
|
| ||||
Total costs and expenses |
|
|
|
| 551,321 |
|
|
|
|
| 430,940 |
|
|
|
|
|
|
|
| ||||
Net income |
|
|
| $ | 29,017 |
|
|
|
| $ | 27,020 |
|
|
|
|
|
|
|
| ||||
Earnings per share |
|
|
| $ | 1.79 |
|
|
|
| $ | 1.66 |
|
|
|
|
|
|
|
| ||||
(2) | Debt-to-equity ratio. |
|
|
For 2014
What is total liabilities?
What is Total Equity?
For 2013
What is total liabilities?
What is Total Equity?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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