Question
[The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise
[The following information applies to the questions displayed below.] 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 Current Year 1 Year Ago 2 Years Ago $ 38,182 62,600 $ 32,664 89,200 110,500 10,519 316,341 $ 559,224 83,000 10,023 288,285 $ 482,090 $ 39,772 52,000 57,000 4,419 252,609 $ 405,800 $ 53,030 88,785 162,500 Long-term notes payable Common stock, $10 par value Retained earnings $ 137,854 104,083 162,500 154,787 $ 80,658 109,772 162,500 129,160 Total liabilities and equity $ 559,224 $ 482,090 101,485 $ 405,800 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 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Current Year 1 Year Ago $ 726,991 $ 573,687 $443,465 225,367 12,359 9,451 $ 372,897 145,143 13,195 8,605 Help
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