Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid

image text in transcribed
image text in transcribed
Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago 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 $ 29,823 89,500 111,500 9,604 275, 362 $515,789 $ 34,860 $ 36,683 62,000 52,000 84,000 53,000 9,151 4,076 254,635 232,341 $ 444,646 $ 378,100 $125,863 95,029 162,500 132,397 $515,789 $ 73,642 $ 48,911 100, 223 81,889 162,500 162,500 108,281 84,800 $ 444,646 $ 378,100 The company's income statements for the current year and one year ago follow. Assume that all sal- For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Nel income Earnings per share Current Yr $ 670,526 $ 409,021 207,863 11,399 8,717 637,000 $ 33,526 1 Yr Ago $ 529,129 $ 343,934 133,870 12,170 7,937 497,911 $ 31,218 $ 1.92 $ 2.06 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Compute days' sales uncollected. Choose Numerator: Days Sales Uncollected Choose Denominator: Days Current Yr: $ = Days' Sales Uncollected Days' sales uncollected days days 1 Yr Ago: 670,526 x 529,129 x $ Required 1A Required 1B >

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

Step: 3

blur-text-image

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

Economics, Accounting And The True Nature Of Capitalism Capitalis Ecology And Democracy

Authors: Jacques Richard, Alexandre Rambaud

1st Edition

1032046589, 9781032046587

More Books

Students also viewed these Accounting questions

Question

=+b) What is the standard deviation of the sample range?

Answered: 1 week ago