Simon Company's year-end balance sheets follow. 2017 2016 2015 $ At December 31 Assets Cash Accounts...

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Simon Companys year-end balance sheets follow. 2017 2016 2015 $ At December 31 Assets Cash Accounts receivable, net Merchand

2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net T

business accounting

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Answer 1

Answer #1

Answer 1.

2017:

Current Assets = Total Assets - Plant Assets, net
Current Assets = $483,581 - $264,248
Current Assets = $219,333

Current Liabilities = Accounts Payable
Current Liabilities = $119,208

Current Ratio = Current Assets / Current Liabilities
Current Ratio = $219,333 / $119,208
Current Ratio = 1.84

2016:

Current Assets = Total Assets - Plant Assets, net
Current Assets = $416,880 - $238,756
Current Assets = $178,124

Current Liabilities = Accounts Payable
Current Liabilities = $70,453

Current Ratio = Current Assets / Current Liabilities
Current Ratio = $178,124 / $70,453
Current Ratio = 2.53

2015:

Current Assets = Total Assets - Plant Assets, net
Current Assets = $347,400 - $213,318
Current Assets = $134,082

Current Liabilities = Accounts Payable
Current Liabilities = $44,940

Current Ratio = Current Assets / Current Liabilities
Current Ratio = $134,082 / $44,940
Current Ratio = 2.98

Answer 2.

2017:

Acid-Test Ratio = (Cash + Short-term Investments + Current Receivables) / Current Liabilities
Acid-Test Ratio = ($28,531 + $0 + $81,039) / $119,208
Acid-Test Ratio = 0.92

2016:

Acid-Test Ratio = (Cash + Short-term Investments + Current Receivables) / Current Liabilities
Acid-Test Ratio = ($33,684 + $0 + $57,196) / $70,453
Acid-Test Ratio = 1.29

2015:

Acid-Test Ratio = (Cash + Short-term Investments + Current Receivables) / Current Liabilities
Acid-Test Ratio = ($33,705 + $0 + $46,315) / $44,940
Acid-Test Ratio = 1.78

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Answer 2

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