Required information
[The following information applies to the questions
displayed below.]
Simon Company’s year-end balance sheets follow.
At December 31 | Current Yr | 1 Yr Ago | 2 Yrs Ago | ||||||||
Assets | |||||||||||
Cash | $ | 37,056 | $ | 43,315 | $ | 43,368 | |||||
Accounts receivable, net | 89,500 | 62,700 | 51,500 | ||||||||
Merchandise inventory | 114,000 | 84,500 | 57,000 | ||||||||
Prepaid expenses | 11,933 | 11,370 | 4,819 | ||||||||
Plant assets, net | 357,289 | 323,786 | 268,613 | ||||||||
Total assets | $ | 609,778 | $ | 525,671 | $ | 425,300 | |||||
Liabilities and Equity | |||||||||||
Accounts payable | $ | 156,390 | $ | 91,504 | $ | 57,824 | |||||
Long-term notes payable secured by mortgages on plant assets |
118,077 | 124,531 | 96,811 | ||||||||
Common stock, $10 par value | 162,500 | 162,500 | 162,500 | ||||||||
Retained earnings | 172,811 | 147,136 | 108,165 | ||||||||
Total liabilities and equity | $ | 609,778 | $ | 525,671 | $ | 425,300 | |||||
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 | Current Yr | 1 Yr Ago | ||||||||||
Sales | $ | 792,711 | $ | 625,548 | ||||||||
Cost of goods sold | $ | 483,554 | $ | 406,606 | ||||||||
Other operating expenses | 245,740 | 158,264 | ||||||||||
Interest expense | 13,476 | 14,388 | ||||||||||
Income tax expense | 10,305 | 9,383 | ||||||||||
Total costs and expenses | 753,075 | 588,641 | ||||||||||
Net income | $ | 39,636 | $ | 36,907 | ||||||||
Earnings per share | $ | 2.44 | $ | 2.27 | ||||||||
(1-a) Compute days' sales uncollected.
(1-b) For each ratio, determine if it improved or
worsened in the current year.
Required information [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets...
Required information [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 37,056 $ 43,315 $ 43,368 Accounts receivable, net 89,500 62,700 51,500 Merchandise inventory 114,000 84,500 57,000 Prepaid expenses 11,933 11,370 4,819 Plant assets, net 357,289 323,786 268,613 Total assets $ 609,778 $ 525,671 $ 425,300 Liabilities and Equity Accounts payable $ 156,390 $ 91,504 $ 57,824 Long-term notes payable...
Required information [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 32,935 $ 38,498 $ 38,545 Accounts receivable, net 89,200 62,800 51,100 Merchandise inventory 114,000 85,000 51,000 Prepaid expenses 10,606 10,106 4,283 Plant assets, net 295,220 270,804 233,072 Total assets $ 541,961 $ 467,208 $ 378,000 Liabilities and Equity Accounts payable $ 138,997 $ 81,327 $ 51,393 Long-term notes payable...
Required information [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 30,234 $ 35,340 $ 35,383 Accounts receivable, net 90,309 64,370 48,622 Merchandise inventory 109,049 85,894 51,270 Prepaid expenses 9,836 9,466 4,052 Plant assets, net 283,464 255,699 225,373 Total assets $ 522,892 $ 450,769 $ 364,700 Liabilities and Equity Accounts payable $ 127,596 $ 74,656 $ 48,622 Long-term notes payable...
Required information [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 32,935 $ 38,498 $ 38,545 Accounts receivable, net 89,200 62,800 51,100 Merchandise inventory 114,000 85,000 51,000 Prepaid expenses 10,606 10,106 4,283 Plant assets, net 295,220 270,804 233,072 Total assets $ 541,961 $ 467,208 $ 378,000 Liabilities and Equity Accounts payable $ 138,997 $ 81,327 $ 51,393 Long-term notes payable...
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 28,921 $ 33,806 $ 35,215 Accounts receivable, net 89,500 62,500 51,800 Merchandise inventory 112,500 84,500 51,000 Prepaid expenses 9,314 8,874 3,913 Plant assets, net 254,909 237,168 217,372 Total assets $ 495,144 $ 426,848 $ 359,300 Liabilities and Equity Accounts payable $ 122,058 $ 71,416 $ 46,953 Long-term notes payable secured by mortgages on plant assets 92,156 97,193 78,611 Common stock,...
Required information [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 36,426 $ 41,743 $ 43,048 Accounts receivable, net 101,432 73,781 55,709 Merchandise inventory 132,737 94,601 59,324 Prepaid expenses 11,615 10,958 4,736 Plant assets, net 323,068 300,708 263,483 Total assets $ 605,278 $ 521,791 $ 426,300 Liabilities and Equity Accounts payable $ 153,729 $ 88,183 $ 57,960 Long-term notes payable...
Required information [The following information applies to the questions displayed below) 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 $ 31,800 89,500 112,500 10,780 278,500 $ 523,000 $ 35,625 $ 37,800 62,500...
Required information (The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. Current Yr 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 $ 35,306 89,300 110,000 11,370 340,702 $586,678 1 Yr Ago 2 Yrs Ago $ 41,270 $ 41,725 62,300 51,800...
Required information [The following information applies to the questions displayed below.] 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 $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 $ 35,625 $ 37,800 62,500...
Required information [The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow. Current Yr1 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 $ 23,741 69,512 86,515 7,802 223,038 $410,608 $ 27,751 $ 29,805 49,556 39, 338...