{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-24T21:04:21-04:00", "answer_date": "2024-05-24 21:04:21", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1649427", "url": "\/study-help\/questions\/simon-companys-yearend-balance-sheets-follow-at-december-31-assets-1649427", "question_creation_date_js": "2024-05-24T21:04:21-04:00", "question_creation_date": "May 24, 2024 09:04 PM", "meta_title": "[Solved] Simon Company's year-end balance sheets f | SolutionInn", "meta_description": "Answer of - Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise invent | SolutionInn", "meta_keywords": "simon,company,s,year-end,balance,sheets,follow,december,31,assets,cash,accounts", "question_title_h1": " Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities", "question_title": " Simon Company's year-end balance sheets follow. At December 31 Assets Cash", "question_title_for_js_snippet": "Simon Company's year end balance sheets follow At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Current Year 1 Year Ago 2 Years Ago $ 31,800 86,200 110,500 $ 36,500 61,000 $ 37,200 50,000 53,500 Long term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity 10,800 278,000 $ 517,300 $ 129,200 96,000 161,500 130,600 $ 517,300 80,200 9,500 256,000 $ 443,200 $ 72,000 100,250 161,500 109,450 $ 443,200 4,800 226,000 $ 371,500 $ 50,200 82,400 161,500 77,400 $ 371,500 The company's income statements for the Current Year and 1 Year Ago, follow For Year Ended December 31 Sales Cost of goods sold Interest expense Other operating expenses Income tax expense Total costs and expenses Net income Earnings per share Current Year $ 468,100 234,050 $ 755,000 1 Year Ago $ 600,000 11,700 9,350 723,200 $ 31,800 $ 1 97 $ 390,000 144,000 12,900 8,875 For both the Current Year and 1 Year Ago, compute the following ratios (1 a) Compute profit margin ratio for the current year and one year ago (1 b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago 555,775 $ 44,225 $ 2 74 Complete this question by entering your answers in the tabs below Required 1A Required 1B Compute profit margin ratio for the current year and one year ago Current Year 1 Year Ago Numerator Profit Margin Ratio 1 Denominator Profit Margin Ratio Profit margin ratio Required 1A Required 18 Complete this question by entering your answers in the tabs below Required 1A Required 1B Did profit margin improve or worsen in the Current Year versus 1 Year Ago Profit margin Required 1A Required 18", "question_description": "\"image\"image\"image", "transcribed_text": "Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Current Year 1 Year Ago 2 Years Ago $ 31,800 86,200 110,500 $ 36,500 61,000 $ 37,200 50,000 53,500 Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity 10,800 278,000 $ 517,300 $ 129,200 96,000 161,500 130,600 $ 517,300 80,200 9,500 256,000 $ 443,200 $ 72,000 100,250 161,500 109,450 $ 443,200 4,800 226,000 $ 371,500 $ 50,200 82,400 161,500 77,400 $ 371,500 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Interest expense Other operating expenses Income tax expense Total costs and expenses Net income Earnings per share Current Year $ 468,100 234,050 $ 755,000 1 Year Ago $ 600,000 11,700 9,350 723,200 $ 31,800 $ 1.97 $ 390,000 144,000 12,900 8,875 For both the Current Year and 1 Year Ago, compute the following ratios: (1-a) Compute profit margin ratio for the current year and one year ago. (1-b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago? 555,775 $ 44,225 $ 2.74 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Compute profit margin ratio for the current year and one year ago. Current Year: 1 Year Ago: Numerator: Profit Margin Ratio 1 Denominator: Profit Margin Ratio Profit margin ratio % % Required 1A Required 18 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Did profit margin improve or worsen in the Current Year versus 1 Year Ago? Profit margin < Required 1A Required 18", "related_book": { "title": "Accounting", "isbn": "130898414, 9780132997379, 978-0130898418, 132997371, 978-0132569309", "edition": "9th Edition", "authors": "Charles T. Horngren, Walter T. Harrison Jr., M. Suzanne Oliv", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/83.jpg", "uri": "\/textbooks\/accounting-9th-edition-83", "see_more_uri": "" }, "free_related_book": { "isbn": "9888407406", "uri": "\/textbooks\/introductory-business-statistics-1st-edition-9789888407408", "name": "Introductory Business Statistics", "edition": "1st Edition" }, "question_posted": "2024-05-24 21:04:21", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/congratulations-your-portfolio-returned-11-last-year-2-better-than", "description": "Congratulations! Your portfolio returned 11% last year, 2% better than the market return of 9%. 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