Question
Simon Companys year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 34,308 $ 38,923 $ 40,958 Accounts receivable, net 96,509 66,739
Simon Companys year-end balance sheets follow.
| At December 31 | 2017 | 2016 | 2015 | ||||||
| Assets | |||||||||
| Cash | $ | 34,308 | $ | 38,923 | $ | 40,958 | |||
| Accounts receivable, net | 96,509 | 66,739 | 54,060 | ||||||
| Merchandise inventory | 126,245 | 92,737 | 58,155 | ||||||
| Prepaid expenses | 11,048 | 10,114 | 4,735 | ||||||
| Plant assets, net | 301,972 | 282,937 | 259,992 | ||||||
| Total assets | $ | 570,082 | $ | 491,450 | $ | 417,900 | |||
| Liabilities and Equity | |||||||||
| Accounts payable | $ | 139,111 | $ | 83,886 | $ | 56,266 | |||
| Long-term notes payable secured by mortgages on plant assets | 108,247 | 115,294 | 91,432 | ||||||
| Common stock, $10 par value | 162,500 | 162,500 | 162,500 | ||||||
| Retained earnings | 160,224 | 129,770 | 107,702 | ||||||
| Total liabilities and equity | $ | 570,082 | $ | 491,450 | $ | 417,900 | |||
1. Compute the current ratio for the year ended 2017, 2016, and 2015. 2. Compute the acid-test ratio for the year ended 2017, 2016, and 2015.
Complete this question by entering your answers in the tabs below.
Compute the current ratio for the years ended December 31, 2017, 2016, and 2015.
| Current Ratio | ||||||
| Choose Numerator: | / | Choose Denominator: | = | Current Ratio | ||
| / | = | Current ratio | ||||
| 2017: | / | = | to 1 | |||
| 2016: | / | = | to 1 | |||
| 2015: | / | = | to 1 | |||
Compute the acid-test ratio for the years ended December 31, 2017, 2016, and 2015.
| Acid-Test Ratio | ||||||||||
| Choose Numerator: | / | Choose Denominator: | = | Acid-Test Ratio | ||||||
| + | + | / | = | Acid-test ratio | ||||||
| 2017: | + | + | / | = | to 1 | |||||
| 2016: | + | + | / | = | to 1 | |||||
| 2015: | + | + | / | = | to 1 | |||||
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Financial Accounting IFRS Principles
Authors: Ilse Lubbe, Goolam Modack, Shelly Herbert
5th Edition
0190746920, 978-0190746926
