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Simon Companys year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 27,904 $ 32,617 $ 34,676 Accounts receivable, net 89,700 62,600
Simon Companys year-end balance sheets follow.
At December 31 | 2017 | 2016 | 2015 | ||||||
Assets | |||||||||
Cash | $ | 27,904 | $ | 32,617 | $ | 34,676 | |||
Accounts receivable, net | 89,700 | 62,600 | 59,700 | ||||||
Merchandise inventory | 113,000 | 83,000 | 54,000 | ||||||
Prepaid expenses | 8,986 | 8,562 | 3,853 | ||||||
Plant assets, net | 247,981 | 233,541 | 208,871 | ||||||
Total assets | $ | 487,571 | $ | 420,320 | $ | 361,100 | |||
Liabilities and Equity | |||||||||
Accounts payable | $ | 117,763 | $ | 68,903 | $ | 46,235 | |||
Long-term notes payable secured by mortgages on plant assets | 88,913 | 93,773 | 77,409 | ||||||
Common stock, $10 par value | 162,500 | 162,500 | 162,500 | ||||||
Retained earnings | 118,395 | 95,144 | 74,956 | ||||||
Total liabilities and equity | $ | 487,571 | $ | 420,320 | $ | 361,100 | |||
The companys income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit:
For Year Ended December 31 | 2017 | 2016 | ||||||||||
Sales | $ | 633,842 | $ | 500,181 | ||||||||
Cost of goods sold | $ | 386,644 | $ | 325,118 | ||||||||
Other operating expenses | 196,491 | 126,546 | ||||||||||
Interest expense | 10,775 | 11,504 | ||||||||||
Income taxes | 8,240 | 7,503 | ||||||||||
Total costs and expenses | 602,150 | 470,671 | ||||||||||
Net income | $ | 31,692 | $ | 29,510 | ||||||||
Earnings per share | $ | 1.95 | $ | 1.82 | ||||||||
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