Homework Answers
| Days Sales uncollected | |||||||||
| Year | Average Receivables / | Sales revenue * | Days = | Days sales uncollected | |||||
| 2017 | 75600 | 731709 | 365 | 37.71 | days | ||||
| 2016 | 57750 | 577409 | 365 | 36.51 | days | ||||
| Note: | |||||||||
| Average Accounts receivable = Beginning AR + Ending AR /2 | |||||||||
| 2017 = (89200+62000) /2 = 75600 | |||||||||
| 2016 = (62000+53500) / 2 = 57750 | |||||||||
| Accounts Receivable turnover | |||||||||
| Year | Net sales / | Average Accounts receivable = | Accounts receivable Turnover | ||||||
| 2017 | 731709 | 75600 | 9.68 | times | |||||
| 2016 | 577409 | 57750 | 10 | times | |||||
| Inventory Turnover: | |||||||||
| Year | Cost of goods sold / | Average inventory = | Inventory Turnover | ||||||
| 2017 | 446342 | 99000 | 4.51 | times | |||||
| 2016 | 375316 | 72000 | 5.21 | times | |||||
| Note: | |||||||||
| Average inventory = (beginning Inventory+ Ending inventory) /2 | |||||||||
| 2017 = (85000+13000)/2 = 99000 | |||||||||
| 2016 (59000+85000) /2 = 72000 | |||||||||
| Days sales in inventory | |||||||||
| Year | Average inventory / | Cost of good s sold * | Days = | Days sales in Ivnentory | |||||
| 2017 | 99000 | 446342 | 365 | 80.96 | days | ||||
| 2016 | 72000 | 375316 | 365 | 70.02 | days | ||||
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Simon Compeny's year-end balance sheets follow Accounts receivable, net Merchandise inventory Prepeid expenses Plant assets, net...
Simon Company's year-end balance sheets follow. Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant...
Simon Company's year-end balance sheets follow. Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-tern notes payable secured by s 31,614 36,954 $ 37,246 52,875 115,20385, 455 56,328 4,406 283,913261,113 231,945 $ 530, 521 457,346 $ 388,900 89,812 64,028 9,979 9, 196 s 136,063 18,064 52,361 mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 98,741105, 190 8 666 162, 500 162, 500...
Simon Company's year-end balance sheets follow At December 31 Assets Cash Accounts receivable, net Merchandise inventory...
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 Long-term notes payable secured by 2017 2016 2015 $ 27,328 $ 32,931 $ 33,274 81,653 55,901 46,195 104,717 74,631 50,187 9,254 8,558 3,926 254,553 239,621 212,918 $477,505 $411,642 $346,500 $120,088 $ 71,655 $ 46,195 mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 88,873 91,837 75,045...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 27,904 $ 32...
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 3 Assets Cash Accounts receivable, net Merchandise inventory...
Simon Company's year-end balance sheets follow. At December 3 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 2013 $ 30,048 $ 36,542 $ 36,960 89,72663,94849,777 107,283 82,862 55,155 9,406 277,301250,712 231,184 10,067 4,024 Total assets $514,425 $443,470 $ 377,100 Liabilities and Equity Accounts payable Long-term notes payable secured by $128,092 $ 73,448 $ 50,773 mortgages on plant assets Common stock, $10 par valuee Retained earnings 98,646100,978 82,506 162,500 162,500162,500 125,187 106,544 81,321 Total liabilities and equity...
Simon Company's year-end balance sheets follow $ 26,172$30,593 $30,930 58,800 83,50056,000 89,700 110,000 8,428 62,800 Accounts receivable, net se inventory 3,437 200,597 189,987 157,133 $...
Simon Company's year-end balance sheets follow $ 26,172$30,593 $30,930 58,800 83,50056,000 89,700 110,000 8,428 62,800 Accounts receivable, net se inventory 3,437 200,597 189,987 157,133 $ 434,897 $374,911 $ 306,30e 8,031 Prepaid expenses Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by $ 110,455 $ 64,627$ 41,240 mortgages on plant assets Common stock, $1e par value Retained earnings Total liabilities and equity 83,396 87,954 69,046 162,500 162,500 162,500 33,514 $ 434,897 $ 374,911 $306,300 78,546 59,830 The company's...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 33,443...
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...
Information [The following information applies to the questions displayed below.J Simon Company's year-end balance sheets follow....
Information [The following information applies to the questions displayed below.J Simon Company's year-end balance sheets follow. 2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets 35,323 41,290 41,745 90,800 62,700 57,680 111,58e 84,5e0 53,80 11,375 10,839 4,638 338,764 386,673 256,417 $586,962 $506,002 $413,400 Liabilities and Equity Accounts payable Long-term notes payable secured by $149,077 87,225 s 55,660 mortgages on plant assets Common stock, $18 par value Retained earnings Total...
The following information applies to the questions displayed below Simon Company's year-end balance sheets follow At...
The following information applies to the questions displayed below Simon Company's year-end balance sheets follow At December 31 2817 2816 2015 Part 1 of 4 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 35,323 41,290 $ 41,745 90,0 62,70 57,68e 111,580 84,580 53,680 11,375 10,839 4,638 338,764 306,673 256,417 $586,962 $506,082 $413,480 10 points 149,877 87,225 55,660 mortgages on plant assets Common stock, $18...
Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets $ 31,880...
Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets $ 31,880 $ 35,580 s 37,286 88,780 61,580 51,800 112,e80 83,60052,809 4,800 10,4ее 9,3ee 278,880 251,eee 228,88 $520,980 $440,980 $373,00 Liabilities and Equity Accounts payable Long-term notes payable secured by $128,800 $ 73,000 $ 5,800 mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 98,e80 99,250 81,660 163,580163,580163,5e 77.180 $520,989 $440,989 $ 373,0 13e,600 185,158 The company's income statements for...
Simon Company's year-end balance sheets follow. 2017 2016 2015 At Assets Cash Accounts receivable, net Merchandise...
Simon Company's year-end balance sheets follow. 2017 2016 2015 At Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets 31,178 $ 36,444 37,211 89,469 65,041 49,128 111,365 85,112 52,327 4,013 281,159 254, 691 225, 821 $523,211 $451,044 $ 368, 500 10,040 9,756 Liabilities and Equity Accounts payable Long-term notes payable secured by $127,674 78,513 $ 50,101 mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 95,413 101,665 83,882 162,500...
Simon Company's year-end balance sheets follow. Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-tern notes payable secured by s 31,614 36,954 $ 37,246 52,875 115,20385, 455 56,328 4,406 283,913261,113 231,945 $ 530, 521 457,346 $ 388,900 89,812 64,028 9,979 9, 196 s 136,063 18,064 52,361 mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 98,741105, 190 8 666 162, 500 162, 500...
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 Long-term notes payable secured by 2017 2016 2015 $ 27,328 $ 32,931 $ 33,274 81,653 55,901 46,195 104,717 74,631 50,187 9,254 8,558 3,926 254,553 239,621 212,918 $477,505 $411,642 $346,500 $120,088 $ 71,655 $ 46,195 mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 88,873 91,837 75,045...
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 3 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 2013 $ 30,048 $ 36,542 $ 36,960 89,72663,94849,777 107,283 82,862 55,155 9,406 277,301250,712 231,184 10,067 4,024 Total assets $514,425 $443,470 $ 377,100 Liabilities and Equity Accounts payable Long-term notes payable secured by $128,092 $ 73,448 $ 50,773 mortgages on plant assets Common stock, $10 par valuee Retained earnings 98,646100,978 82,506 162,500 162,500162,500 125,187 106,544 81,321 Total liabilities and equity...
Simon Company's year-end balance sheets follow $ 26,172$30,593 $30,930 58,800 83,50056,000 89,700 110,000 8,428 62,800 Accounts receivable, net se inventory 3,437 200,597 189,987 157,133 $ 434,897 $374,911 $ 306,30e 8,031 Prepaid expenses Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by $ 110,455 $ 64,627$ 41,240 mortgages on plant assets Common stock, $1e par value Retained earnings Total liabilities and equity 83,396 87,954 69,046 162,500 162,500 162,500 33,514 $ 434,897 $ 374,911 $306,300 78,546 59,830 The company's...
Information [The following information applies to the questions displayed below.J Simon Company's year-end balance sheets follow. 2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets 35,323 41,290 41,745 90,800 62,700 57,680 111,58e 84,5e0 53,80 11,375 10,839 4,638 338,764 386,673 256,417 $586,962 $506,002 $413,400 Liabilities and Equity Accounts payable Long-term notes payable secured by $149,077 87,225 s 55,660 mortgages on plant assets Common stock, $18 par value Retained earnings Total...
The following information applies to the questions displayed below Simon Company's year-end balance sheets follow At December 31 2817 2816 2015 Part 1 of 4 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 35,323 41,290 $ 41,745 90,0 62,70 57,68e 111,580 84,580 53,680 11,375 10,839 4,638 338,764 306,673 256,417 $586,962 $506,082 $413,480 10 points 149,877 87,225 55,660 mortgages on plant assets Common stock, $18...
Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets $ 31,880 $ 35,580 s 37,286 88,780 61,580 51,800 112,e80 83,60052,809 4,800 10,4ее 9,3ee 278,880 251,eee 228,88 $520,980 $440,980 $373,00 Liabilities and Equity Accounts payable Long-term notes payable secured by $128,800 $ 73,000 $ 5,800 mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 98,e80 99,250 81,660 163,580163,580163,5e 77.180 $520,989 $440,989 $ 373,0 13e,600 185,158 The company's income statements for...
Simon Company's year-end balance sheets follow. 2017 2016 2015 At Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets 31,178 $ 36,444 37,211 89,469 65,041 49,128 111,365 85,112 52,327 4,013 281,159 254, 691 225, 821 $523,211 $451,044 $ 368, 500 10,040 9,756 Liabilities and Equity Accounts payable Long-term notes payable secured by $127,674 78,513 $ 50,101 mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 95,413 101,665 83,882 162,500...
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