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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 $ 27,291 89,600 112,000 8,789 234,319 $ 471,999 $ 31,901 $ 33,569 62,900 82,000 8,374 221,721 $ 406,896 Accounts payable $ 115,177 $ 67,390 Long-term notes payable 86,961 Common stock, $10 par value 162,500 Retained earnings 107,361 Total liabilities and equity $ 471,999 50,400 51,000 3,730 207,301 $ 346,000 $ 44,759 74,937 162,500 91,714 162,500 85,292 $ 406,896 63,804 $346,000 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 Current Year Sales $ 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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