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Simon Companys year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 31,217 $ 36,490 $ 37,630
Simon Companys year-end balance sheets follow.
At December 31 | Current Yr | 1 Yr Ago | 2 Yrs Ago | ||||||||
Assets | |||||||||||
Cash | $ | 31,217 | $ | 36,490 | $ | 37,630 | |||||
Accounts receivable, net | 89,300 | 62,500 | 50,200 | ||||||||
Merchandise inventory | 111,000 | 83,500 | 53,000 | ||||||||
Prepaid expenses | 10,053 | 9,579 | 4,181 | ||||||||
Plant assets, net | 287,529 | 264,051 | 235,089 | ||||||||
Total assets | $ | 529,099 | $ | 456,120 | $ | 380,100 | |||||
Liabilities and Equity | |||||||||||
Accounts payable | $ | 131,746 | $ | 77,084 | $ | 50,173 | |||||
Long-term notes payable | 99,471 | 104,908 | 84,002 | ||||||||
Common stock, $10 par value | 162,500 | 162,500 | 162,500 | ||||||||
Retained earnings | 135,382 | 111,628 | 83,425 | ||||||||
Total liabilities and equity | $ | 529,099 | $ | 456,120 | $ | 380,100 | |||||
The companys income statements for the current year and one year ago follow. Assume that all sales are on credit:
For Year Ended December 31 | Current Yr | 1 Yr Ago | ||||||||||
Sales | $ | 687,829 | $ | 542,783 | ||||||||
Cost of goods sold | $ | 419,576 | $ | 352,809 | ||||||||
Other operating expenses | 213,227 | 137,324 | ||||||||||
Interest expense | 11,693 | 12,484 | ||||||||||
Income tax expense | 8,942 | 8,142 | ||||||||||
Total costs and expenses | 653,438 | 510,759 | ||||||||||
Net income | $ | 34,391 | $ | 32,024 | ||||||||
Earnings per share | $ | 2.12 | $ | 1.97 | ||||||||
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