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Simon Companys year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 35,985 $ 42,063 $ 42,114
Simon Companys year-end balance sheets follow.
At December 31 | Current Yr | 1 Yr Ago | 2 Yrs Ago | ||||||||
Assets | |||||||||||
Cash | $ | 35,985 | $ | 42,063 | $ | 42,114 | |||||
Accounts receivable, net | 89,700 | 62,100 | 52,000 | ||||||||
Merchandise inventory | 112,000 | 84,500 | 56,000 | ||||||||
Prepaid expenses | 11,588 | 11,041 | 4,679 | ||||||||
Plant assets, net | 342,870 | 310,764 | 258,207 | ||||||||
Total assets | $ | 592,143 | $ | 510,468 | $ | 413,000 | |||||
Liabilities and Equity | |||||||||||
Accounts payable | $ | 151,867 | $ | 88,857 | $ | 56,151 | |||||
Long-term notes payable secured by mortgages on plant assets | 114,663 | 120,930 | 94,011 | ||||||||
Common stock, $10 par value | 162,500 | 162,500 | 162,500 | ||||||||
Retained earnings | 163,113 | 138,181 | 100,338 | ||||||||
Total liabilities and equity | $ | 592,143 | $ | 510,468 | $ | 413,000 | |||||
The companys income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit:
For Year Ended December 31 | Current Yr | 1 Yr Ago | ||||||||||
Sales | $ | 769,786 | $ | 607,457 | ||||||||
Cost of goods sold | $ | 469,569 | $ | 394,847 | ||||||||
Other operating expenses | 238,634 | 153,687 | ||||||||||
Interest expense | 13,086 | 13,972 | ||||||||||
Income tax expense | 10,007 | 9,112 | ||||||||||
Total costs and expenses | 731,296 | 571,618 | ||||||||||
Net income | $ | 38,490 | $ | 35,839 | ||||||||
Earnings per share | $ | 2.37 | $ | 2.21 | ||||||||
Compute days' sales uncollected.
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Compute accounts receivable turnover.
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Compute inventory turnover.
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Compute inventory turnover.
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