Question
Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Kerchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities
Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Kerchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year 1 Year Ago 2 Years Ago $ 38,945 62,600 $ 40,981 $ 33,317 89,100 115,000 10,729 328,075 $ 576,221 $140,609 106,163 162,500 166,949 $576,221 85,000 10,223 299,974 $ 496,742 $ 82,270 111,966 162,500 140,006 $496,742 $1,500 60,000 4,553 265,366 $422,400 $ 54,642 91,483 162,500 113,775 5422,400 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net Income Earnings per share. 232,217 12,734 9,738 Current Year 1 Year Ago $749,087 $591,123 $ 456,943 $384,230 149,554 13,596 8,867 711,632 $37,455 $ 2.30 556,247 $34,876 $2.15
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