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Simon Companys year-end balance sheets follow. At December 31 2015 2014 2013 Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500
Simon Companys year-end balance sheets follow. |
At December 31 | 2015 | 2014 | 2013 | |||||||
Assets | ||||||||||
Cash | $ | 31,800 | $ | 35,625 | $ | 37,800 | ||||
Accounts receivable, net | 89,500 | 62,500 | 50,200 | |||||||
Merchandise inventory | 112,500 | 82,500 | 54,000 | |||||||
Prepaid expenses | 10,700 | 9,375 | 5,000 | |||||||
Plant assets, net | 278,500 | 255,000 | 230,500 | |||||||
Total assets | $ | 523,000 | $ | 445,000 | $ | 377,500 | ||||
Liabilities and Equity | ||||||||||
Accounts payable | $ | 129,900 | $ | 75,250 | $ | 51,250 | ||||
Long-term notes payable secured by mortgages on plant assets | 98,500 | 101,500 | 83,500 | |||||||
Common stock, $10 par value | 163,500 | 163,500 | 163,500 | |||||||
Retained earnings | 131,100 | 104,750 | 79,250 | |||||||
Total liabilities and equity | $ | 523,000 | $ | 445,000 | $ | 377,500 | ||||
The companys income statements for the years ended December 31, 2015 and 2014, follow. Assume that all sales are on credit: |
For Year Ended December 31 | 2015 | 2014 | |||||||||||||||||
Sales | $ | 673,500 | $ | 532,000 | |||||||||||||||
Cost of goods sold | $ | 411,225 | $ | 345,500 | |||||||||||||||
Other operating expenses | 209,550 | 134,980 | |||||||||||||||||
Interest expense | 12,100 | 13,300 | |||||||||||||||||
Income taxes | 9,525 | 8,845 | |||||||||||||||||
Total costs and expenses | 642,400 | 502,625 | |||||||||||||||||
Net income | $ | 31,100 | $ | 29,375 | |||||||||||||||
Earnings per share | $ | 1.90 | $ | 1.80 | |||||||||||||||
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