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 Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year 1 Year Ago 2 Years Ago $ 31,800 $ 35,625 $ 37,800 89,500 62,5ee 50,200 112,5ee 82,500 54,000 1e, 7ee 9,375 5,000 278.500 255,000 230,5ee $ 523,000 $ 445, eee $ 377,500 $ 129,900 98,500 163,500 131. 100 $ 523,000 $ 75,250 101,500 163,500 104,750 $ 445,000 $ 51,25e 83,500 163,500 79,250 5 377,500 For both the current year and one year ago, compute the following ratios: 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 1 Year Ago Sales $ 673,50 $ 532,000 Cost of goods sold $ 411,225 $ 345,500 Other operating expenses 289,550 134,980 Interest expense 12,100 13,300 Income tax expense 9,525 8,845 Total costs and expenses 642,400 5e2,625 Net income $ 31,100 $ 29,375 $ 1.90 $ 1.80 Earnings per share (1-a) Compute days' sales uncollected, (1-b) Determine if days' sales uncollected improved or worsened in the current year. Required information (2-a) Compute accounts receivable turnover (2.b) Determine if accounts receivable turnover ratio improved or worsened in the current year. (3-a) Compute inventory turnover, (3-6) Determine if inventory turnover ratio improved or worsened in the current year. (4-a) Compute days' sales in inventory 14-6) For each ratio, determine if days' sales in Inventory improved or forsened in the current year. Answer is not complete Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2A Required 28 Required A Required 38 Required 4A Required 48 Compute days' sales uncollected Days Sales Uncollected Denominator: Numerator: Days X Daya' tales Uncollected Days' salos uncollected 0 days 0 days X Current Year 1 Year Agos X Required 18 > Required information (2-a) Compute accounts receivable turnover (2-6) Determine if accounts receivable turnover ratio improved or worsened in the current year. (3-a) Compute Inventory tumover. (3-6) Determine if inventory turnover ratio improved or worsened in the current year. (4.a) Compute days' sales in inventory (4-6) For each ratio, determine if days soles In Inventory improved or worsened in the current year Answer is not complete Complete this question by entering your answers swers in the tabs below. Required 1A Required 18 Required 2A Required 20 Required A Required 36 Required 4A Required a Compute accounts receivable turnover. Accounts Receivable Turnover Denominator Numerator Accounts Receivable Turnover Accounts receivable bumover 0 times 0 times Current Year: 1 Year Ago: (2-a) Compute accounts receivable turnover 2-) Determine if accounts receivable tumover ratio improved or worsened in the current year. (3-a) Compute inventory turnover. (3-6) Determine if inventory turnover ratio improved or worsened in the current year. (4-a) Compute day sales in inventory (4-6) For each ratio, determine if days' soles in inventory improved or worsened in the current year Answer is not complete Complete this question by entering your answers in the tabs below. Required 48 Required 1A Required 18 Required 2A Required 25 Required A Required 36 Required 4A Compute Inventory turnover. Inventory Turnover Denominator: Numerator: Inventory Turnover Inventory tumover 0 times 0 times Current Year: 1 Year Ago: Required 30 (2-a) Compute accounts receivable turnover. (2-6) Determine if accounts receivable turnover ratio improved or worsened in the current year, (3-a) Compute inventory turnover. (3-b) Determine if inventory turnover ratio improved or worsened in the current year (4-a) Compute days' sales in inventory (4-6) For each ratio, determine if days' sales in Inventory improved or worsened in the current year, Answer is not complete Complete this question by entering your answers in the tabs below. Required LA Required 18 Required 2A Required 28 Required 3A Required 36 Required 4A Required 40 Compute days' sales in inventory Days Sales In Inventory Denominator: Numarator x Days X Days Sales in Inventory Days Sales in inventory 0 days 0 days X Current Year: 1 Year Ago: X
