Question
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
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 Current Year 1 Year Ago 2 Years Ago 82,000 $ 27,291 89,600 $ 31,901 62,900 $ 33,569 112,000 8,789 234,319 8,374 221,721 $406,896 162,500 107,361 $ 471,999 $ 67,390 91,714 162,500 85,292 Common stock, $10 par value $ 471,999 $ 115,177 86,961 Accounts payable $ 406,896 50,400 51,000 3,730 207,301 $ 346,000 $ 44,759 74,937 162,500 63,804 $ 346,000 The company's income statements for the current year and one year ago follow. Assume that all Long-term notes payable Retained earnings Total liabilities and equity sales are on credit: For Year Ended December 31 Sales Current Year $ 613,599 Cost of goods sold Interest expense Income tax expense $ 374,295 Other operating expenses 190,216 10,431 7,977 1 Year Ago $ 484,206 $ 314,734 122,504 11,137 7,263
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