Question
Simon Company's year-end balance sheets follow. At December 31201720162015 Assets Cash$24,444$29,751$30,997Accounts receivable, net73,03751,03340,089Merchandise inventory90,91269,48044,905Prepaid expenses8,0347,5783,479Plant assets, net230,692 210,364193,630Total assets$427,119$368,206$313,100 Liabilities and Equity Accounts payable$106,353$60,360$42,569Long-term notes
Simon Company's year-end balance sheets follow.
At December 31201720162015AssetsCash$24,444$29,751$30,997Accounts receivable, net73,03751,03340,089Merchandise inventory90,91269,48044,905Prepaid expenses8,0347,5783,479Plant assets, net230,692
210,364193,630Total assets$427,119$368,206$313,100Liabilities and EquityAccounts payable$106,353$60,360$42,569Long-term notes payable secured by
mortgages on plant assets81,10187,22870,579Common stock, $10 par value162,500162,500162,500Retained earnings77,16558,11837,452Total liabilities and equity$427,119$368,206$313,100
1.Compute the current ratio for the year ended 2017, 2016, and 2015.
2.Compute the acid-test ratio for the year ended 2017, 2016, and 2015.
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Educational Foundations
Authors: Leslie Kaplan, James D Stice, William Owings
2nd Edition
1285968298, 9781285968292
