Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 Yr 1 Yr Ago 2 Yrs Ago $ 32,938 $ 38,501 $ 40,106 89,300 111,000 10,607 320,066 62,600 82,500 10,107 292,422 51,800 59,000 4,456 253,838 $ 486,130 $ 409,200 $ 563,911 $ 139,010 $ 81,334 $ 53,474 Long-term notes payable Common stock, $10 par value 104,955 162,500 110,692 89,529 162,500 162,500 Retained earnings 157,446 131,604 103,697 Total liabilities and equity $ 563,911 $ 486,130 $409, 200 The company's Income statements for the current year and one year ago follow. Assume that all sales an 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 Current Yr $ 733,084 1 Yr Ago $ 578,495 $ 447,181 227,256 $ 376,022 146,359 12,462 13,305 9,530 8,677 696,429 36,655 544, 363 $ 34,132 2.26 $ 2.10 Required 1A Required 18 Compute days' sales uncollected. Choose Numerator: 1 Current Yr: 1 Yr Ago: 1 Days Sales Uncollected Choose Denominator: X Days Days' Sales Uncollected x X Days' sales uncollected 0 days x 0 days Requred A Required 1B > (1-a) Compute days' sales uncollected. (1-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 1A Required 1B For each ratio, determine if it improved or worsened in the current year. Days' sales uncollected 13image text in transcribedimage text in transcribedimage text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Construction Accounting And Financial Management

Authors: Steven J. Peterson

3rd Edition

0132675056, 978-0132675055

More Books

Students also viewed these Accounting questions

Question

14. Let X be uniform over (0, 1). Find E[X|X Answered: 1 week ago

Answered: 1 week ago

Question

A 300N F 30% d 2 m Answered: 1 week ago

Answered: 1 week ago