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The picture above is the information for each part of the question. It is NOT the same as other Chegg posts. Listed below are the
The picture above is the information for each part of the question. It is NOT the same as other Chegg posts.
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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 secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 31,562 89,100 113,000 10,164 291,120 $ 534,946 36,893 $ 38,046 62,500 51,400 83,500 56,000 9,684 4,227 268,583 234,627 $ 461,160 $ 384,300 $ 133,202 $ 77,936 $ 50,728 100,570 162,500 138,674 $ 534,946 106,067 84,930 162,500 162,500 114,657 86,142 $ 461,160 $ 384,300 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 $ 695,430 $ 424,212 215,583 11,822 9,041 660,658 $ 34,772 $ 2.14 1 Yr Ago $ 548,780 $ 356,707 138, 841 12,622 8,232 516,402 $ 32,378 $ 1.99 Choose Numerator: Days = Days' Sales Uncollected 1 Choose Denominator: 1 1 x x II Days' Sales Uncollected Days' Sales Uncollected 0 days Current Yr: 1 Yr Ago: / x = 0 days Days' sales uncollected Choose Numerator: = Accounts Receivable Turnover 1 Choose Denominator: 1 1 Il Accounts Receivable Turnover Accounts receivable turnover times = Current Yr: 1 Yr Ago: times Accounts receivable turnover Inventory Turnover 1 Choose Denominator: Choose Numerator: Inventory Turnover 1 = Inventory turnover 1 times Current Yr: 1 Yr Ago: / = times Inventory turnover Choose Numerator: Days' Sales In Inventory | Choose Denominator: / Days = x x = = Days' Sales In Inventory Days' sales in inventory 0 days 0 days / Current Yr: 1 Yr Ago: 1 11 Days' sales in inventory
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