Simon Company’s year-end balance sheets follow.
At December 31 | 2017 | 2016 | 2015 | ||||||
Assets | |||||||||
Cash | $ | 33,443 | $ | 39,092 | $ | 41,136 | |||
Accounts receivable, net | 89,200 | 62,600 | 55,400 | ||||||
Merchandise inventory | 115,000 | 85,000 | 56,000 | ||||||
Prepaid expenses | 10,770 | 10,262 | 4,571 | ||||||
Plant assets, net |
329,991 |
301,670 | 266,893 | ||||||
Total assets | $ | 578,404 | $ | 498,624 | $ | 424,000 | |||
Liabilities and Equity | |||||||||
Accounts payable | $ | 141,142 | $ | 82,582 | $ | 54,849 | |||
Long-term notes payable secured by mortgages on plant assets |
106,565 | 112,390 | 91,830 | ||||||
Common stock, $10 par value | 162,500 | 162,500 | 162,500 | ||||||
Retained earnings | 168,197 | 141,152 | 114,821 | ||||||
Total liabilities and equity | $ | 578,404 | $ | 498,624 | $ | 424,000 | |||
The company’s income statements for the years ended December 31,
2017 and 2016, follow. Assume that all sales are on
credit:
For Year Ended December 31 | 2017 | 2016 | ||||||||||
Sales | $ | 751,925 | $ | 593,363 | ||||||||
Cost of goods sold | $ | 458,674 | $ | 385,686 | ||||||||
Other operating expenses | 233,097 | 150,121 | ||||||||||
Interest expense | 12,783 | 13,647 | ||||||||||
Income taxes | 9,775 | 8,900 | ||||||||||
Total costs and expenses | 714,329 | 558,354 | ||||||||||
Net income | $ | 37,596 | $ | 35,009 | ||||||||
Earnings per share | $ | 2.31 | $ | 2.15 | ||||||||
(3) Compute inventory turnover
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 33,443...
Required information [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 33,443 $ 39,092 $ 41,136 Accounts receivable, net 89,200 62,600 55,400 Merchandise inventory 115,000 85,000 56,000 Prepaid expenses 10,770 10,262 4,571 Plant assets, net 329,991 301,670 266,893 Total assets $ 578,404 $ 498,624 $ 424,000 Liabilities and Equity Accounts payable $ 141,142 $ 82,582 $ 54,849 Long-term notes payable secured by mortgages on plant...
Required information [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 33,443 $ 39,092 $ 41,136 Accounts receivable, net 89,200 62,600 55,400 Merchandise inventory 115,000 85,000 56,000 Prepaid expenses 10,770 10,262 4,571 Plant assets, net 329,991 301,670 266,893 Total assets $ 578,404 $ 498,624 $ 424,000 Liabilities and Equity Accounts payable $ 141,142 $ 82,582 $ 54,849 Long-term notes payable secured by mortgages on plant...
Check my workCheck My Work button is now enabled2 Item 4 Item 4 Part 4 of 4 1.5 points Item Skipped Time Remaining 2 hours 24 minutes 8 seconds 02:24:08 Required information [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 33,443 $ 39,092 $ 41,136 Accounts receivable, net 89,200 62,600 55,400 Merchandise inventory 115,000 85,000 56,000 Prepaid expenses 10,770 10,262 4,571 Plant assets, net...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,600 $ 34,600 $ 36,000 Accounts receivable, net 89,200 64,400 55,700 Merchandise inventory 68,818 84,700 50,700 Prepaid expenses 10,613 9,438 3,852 Plant assets, net 369,769 251,862 193,748 Total assets $ 570,000 $ 445,000 $ 340,000 Liabilities and Equity Accounts payable $ 140,511 $ 73,701 $ 44,880 Long-term notes payable secured by mortgages on plant assets 109,303 104,397 74,389 Common stock, $10 par value 162,500 162,500...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 35,662 $ 42,962 $ 44,296 Accounts receivable, net 107,579 75,183 56,767 Merchandise inventory 131,281 97,382 62,302 Prepaid expenses 11,484 11,054 4,731 Plant assets, net 330,773 305,125 266,304 Total assets $ 616,779 $ 531,706 $ 434,400 Liabilities and Equity Accounts payable $ 153,578 $ 90,757 $ 56,194 Long-term notes payable secured by mortgages on plant assets 118,274 124,738 97,922 Common stock, $10 par value 162,500 162,500...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 29,607 $ 34,608 $ 35,690 Accounts receivable, net 89,500 62,600 57,300 Merchandise inventory 110,500 84,500 51,000 Prepaid expenses 9,535 9,085 3,965 Plant assets, net 262,674 241,807 212,545 Total assets $ 501,816 $ 432,600 $ 360,500 Liabilities and Equity Accounts payable $ 124,952 $ 73,109 $ 47,586 Long-term notes payable secured by mortgages on plant assets 94,341 99,498 79,671 Common stock, $10 par value 162,500 162,500...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 36,335 $ 42,472 $ 42,524 Accounts receivable, net 107,459 73,568 56,120 Merchandise inventory 139,163 102,226 60,994 Prepaid expenses 12,179 11,377 4,773 Plant assets, net 333,281 312,096 273,889 Total assets $ 628,417 $ 541,739 $ 438,300 Liabilities and Equity Accounts payable $ 159,605 $ 89,723 $ 59,013 Long-term notes payable secured by mortgages on plant assets 120,505 123,354 94,927 Common stock, $10 par value 162,500 162,500...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 27,923 $ 33,985 $ 32,679 Accounts receivable, net 85,935 58,886 45,369 Merchandise inventory 105,949 76,257 47,839 Prepaid expenses 9,270 8,833 3,743 Plant assets, net 258,832 242,650 210,670 Total assets $ 487,909 $ 420,611 $ 340,300 Liabilities and Equity Accounts payable $ 119,060 $ 71,083 $ 46,267 Long-term notes payable secured by mortgages on plant assets 92,644 93,838 75,206 Common stock, $10 par value 162,500 162,500...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 27,904 $ 32,617 $ 34,676 Accounts receivable, net 89,700 62,600 59,700 Merchandise inventory 113,000 83,000 54,000 Prepaid expenses 8,986 8,562 3,853 Plant assets, net 247,981 233,541 208,871 Total assets $ 487,571 $ 420,320 $ 361,100 Liabilities and Equity Accounts payable $ 117,763 $ 68,903 $ 46,235 Long-term notes payable secured by mortgages on plant assets 88,913 93,773 77,409 Common stock, $10 par value 162,500 162,500...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 35,286 $ 41,246 $ 40,887 Accounts receivable, net 101,276 68,676 54,516 Merchandise inventory 124,839 95,381 58,060 Prepaid expenses 11,143 10,407 4,634 Plant assets, net 308,101 284,846 254,903 Total assets $ 580,645 $ 500,556 $ 413,000 Liabilities and Equity Accounts payable $ 143,135 $ 86,286 $ 55,606 Long-term notes payable secured by mortgages on plant assets 111,344 117,430 93,098 Common stock, $10 par value 162,500 162,500...