Homework Answers
| 3-a | Times interest earned:- | Current Year | 1 Yr ago | |||
| a. | Net Sales | $ 562,712 | $ 444,050 | |||
| b. | Cost of Goods sold | $ 343,254 | $ 288,633 | |||
| c. | Other Operating Expenses | $ 174,441 | $ 112,345 | |||
| d. | Income from operations before tax (a-b-c) | $ 45,017 | $ 43,072 | |||
| e. | Interest Expense | $ 9,566 | $ 10,213 | |||
| Times interest earned Ratio (d/e) | 4.71 | times | 4.22 | times | ||
| 3-b | Based on Times interest earned, the company is less risky for creditors in the current year versus 1 Year ago, because Times interest earned ratio is improved in current year. | |||||
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Calibri (Body) 11 A AU 1 Calibri (Body) av 1 Normal INO 1 Normal 1 No...
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Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs...
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 34,945 $ 43,374 $ 44,312 Accounts receivable, net 104,412 72,956 58,492 Merchandise inventory 132,591 98,354 63,559 Prepaid expenses 11,369 11,386 4,874 Plant assets, net 327,281 300,308 276,363 Total assets $ 610,598 $ 526,378 $ 447,600 Liabilities and Equity Accounts payable $ 155,080 $ 90,737 $ 57,902 Long-term notes payable secured by mortgages on plant assets 114,792 119,856 98,920 Common stock,...
Simon Company's year-end balance sheets follow. Current yr 1 Yr Ago 2 Yrs Ago At December...
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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 $ 36,073 104,549 135,475 11,498 336,283 $623,878 $ 42,166 $ 43,066 74,543 58,001 100,493 62,395 11,068 4,833 309,556 271,105 $ 537,826 $ 439,400 $150,685...
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