Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

[The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago $ 37,273

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
[The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago $ 37,273 89,800 113,500 12,003 372,918 5625,494 $ 43,569 $ 44,406 62.100 50, 100 84,500 56,000 11,437 4,943 337.612 289,321 $ 539,219 5 444,900 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses plant annets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $157.305 $ 92,039 559,314 118,769 162.500 186,920 $625,494 125,261 99,306 162,500 162.500 159,419 123,200 $ 539,219 $.444,900 The company's income statements for the Current Year and 1 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 Total costs and expenses Net Income Earnings per share Current Yr $ 813,142 $ 496,017 252,074 13,823 10.571 772,485 $ 40,657 $ 2.50 1 yr ago $ 641, 671 $ 417,086 162,343 14,758 9.625 603,812 $ 37,859 2.33 12-a) Compute accounts receivable turnover, (2-b) For each ratio, determine if it improved or worsened in the current year, Complete this question by entering your answers in the tabs below. Required 2A Required 2B Compute accounts receivable turnover. Choose Numerator: Accounts Receivable Turnover | Choosa Denominator 1 Accounts Receivable Turnover Accounts receivable tumover times Current Yr 1 1 Yr Ago: 1 O times Required 28 > (3-a) Compute inventory turnover. (3-6) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute inventory turnover. Inventory Turnover Choose Denominatori Choose Numerator: Inventory Turnover Inventory tumover times Current Yr: 1 Yr Ago: times Required 38 > of 9 Search or type URL (4-a) Compute days' sales in inventory (4-6) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 4A Required 4B Compute days' sales in Inventory. Days Sales In Inventory Choose Denominator Choose Numarator: 1 X Days 1 X 1 Days Sales In Inventory Days' sales in inventory days days Current Yr: 1 Yr Ago: X X Reguleedia Required 48 >

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

Accounting Information Systems Connecting Careers Systems And Analytics

Authors: Arline A. Savage, Danielle Brannock, Alicja Foksinska

1st Edition

1119744474, 9781119744474

More Books

Students also viewed these Accounting questions

Question

Discuss how selfesteem is developed.

Answered: 1 week ago

Question

Identify ways to increase your selfesteem.

Answered: 1 week ago

Question

Define self-esteem and discuss its impact on your life.

Answered: 1 week ago