Homework Answers
1. Computation of Current ratio:
**Current ratio = Current assets ÷ Current liabilities
Current assets = Cash + Accounts receivable, net + Merchandise inventory + Prepaid expenses
Current liabilities = Accounts payable
| Current assets (Numerator) | Current liabilities (Denominator) | Current ratio | |
| 2015 |
$237,124 |
$128,092 | 1.85:1 |
| 2014 | $192,758 | $73,448 | 2.62:1 |
| 2013 | $145,916 | $50,773 | 2.87:1 |
2. Computation of Acid test ratio or Quick ratio:
***Acid test ratio = Quick assets or Highly liquid assets ÷ Current liabilities
Quick assets or Numerator = Cash + Accounts receivable
Current liabilities or Denominator = Accounts payable
| Quick assets = Numerator | Current liabilities= Denominator | Acid Teat ratio | |
| 2015 | $119,774 | $128,092 | 0.94:1 |
| 2014 | $100,490 | $73,448 | 1.37:1 |
| 2013 | $86,737 | $50,773 | 1.71:1 |
Note: Inventory and prepaid expenses shall not considered as quick assets as it is difficult to convert them into cash.
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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. A: December 31 Assets 2015 2014 2013 Accounts receivable, het...
Simon Company's year-end balance sheets follow. A: December 31 Assets 2015 2014 2013 Accounts receivable, het Merchandise inventory Prepaid expenses Plant assets, net $ 38,382 $ 43,106 $ 45,805 111,244 77.745 59.887 134.38 104.768 149 1997 11.2 4041 h.786 312540 275 418 Total assets $637,792 $549.821 $ 449.200 $157,222 $ 91,991 $ 60,480 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock 510 par value Retained earnings 118.706 162.500 199,364 128.988 162.500 166,342...
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. 2017 2016 2015 At December 31 Assets Cash Accounts receivable,...
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 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 $ 26,1225 30,846 $ 34,119 79,574 53,981 44,167 97,135 70,612 47,513 8,498 8,261 3,791 240,461 225, 274 205,010 $ 451,799 $ 389,474 $ 334,600 $ 114,746 $ 65,821 $...
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. 2017 2016 2015 $ At December 31 Assets Cash Accounts...
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 Liabilities and Equity Accounts payable Longtern notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 28,5315 33,684 $ 33,705 81,039 57, 196 46, 315 180,851 78,665 50, 317 8,912 8,579 3,745 264,248 238,756 213,318 $ 483,581 $ 416,880 $ 347,400 $ 119,208 $...
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. 2015 2014 2013 At December 31 Assets Cash Accounts receivable,...
Simon Company's year-end balance sheets follow. 2015 2014 2013 At December 31 Assets Cash Accounts receivable, net Merchandise Inventory Prepaid expenses Plant assets, net $ 31,600 $ 36,250 $ 37,000 87,400 63,000 50,000 112,000 80,200 52.000 10,800 9350 4100 279,000 257,500 235,000 Total assets $520,800 $ 446,300 $ 378 100 $ 129,200 $ 72,500 $ 51,400 Liabilities and Equity Accounts payable Long-term notes payable secured mortgages on plant assets Common stock, $10 par value Retained earnings 98,000 160,000 133.600 100.000...
Simon Company's year-end balance sheets follow. 2017 2016 2015 At December 31 Assets Cash Accounts receivable,...
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 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 28,539 $ 35,423 $ 35,115 86,127 59,584 47.289 106,144 79,53148,856 9,570 9,208 3,941 268, 299 246,150 219,499 $ 498,679 $ 429,896 $ 354,700 $ 125,413 $ 72,652 $ 46,820...
Simon Company's year-end balance sheets follow. 2018 2017 2016 At December 31 Assets Cash Accounts receivable,...
Simon Company's year-end balance sheets follow. 2018 2017 2016 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 $ 28,805 $ 33,670 $ 34,715 85,188 60,726 48,195 109,250 77,861 52,873 9,655 9,019 4,016 265,278 248,186 221,701 $498,176 $429,462 $361,500 $122,805 $ 72,579 $ 47,718 92,721 100,752 81,489...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 35,286...
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...
Simon Company's year-end balance sheets follow. A: December 31 Assets 2015 2014 2013 Accounts receivable, het Merchandise inventory Prepaid expenses Plant assets, net $ 38,382 $ 43,106 $ 45,805 111,244 77.745 59.887 134.38 104.768 149 1997 11.2 4041 h.786 312540 275 418 Total assets $637,792 $549.821 $ 449.200 $157,222 $ 91,991 $ 60,480 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock 510 par value Retained earnings 118.706 162.500 199,364 128.988 162.500 166,342...
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. 2017 2016 2015 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 $ 26,1225 30,846 $ 34,119 79,574 53,981 44,167 97,135 70,612 47,513 8,498 8,261 3,791 240,461 225, 274 205,010 $ 451,799 $ 389,474 $ 334,600 $ 114,746 $ 65,821 $...
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. 2017 2016 2015 $ At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Longtern notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 28,5315 33,684 $ 33,705 81,039 57, 196 46, 315 180,851 78,665 50, 317 8,912 8,579 3,745 264,248 238,756 213,318 $ 483,581 $ 416,880 $ 347,400 $ 119,208 $...
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. 2015 2014 2013 At December 31 Assets Cash Accounts receivable, net Merchandise Inventory Prepaid expenses Plant assets, net $ 31,600 $ 36,250 $ 37,000 87,400 63,000 50,000 112,000 80,200 52.000 10,800 9350 4100 279,000 257,500 235,000 Total assets $520,800 $ 446,300 $ 378 100 $ 129,200 $ 72,500 $ 51,400 Liabilities and Equity Accounts payable Long-term notes payable secured mortgages on plant assets Common stock, $10 par value Retained earnings 98,000 160,000 133.600 100.000...
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 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 28,539 $ 35,423 $ 35,115 86,127 59,584 47.289 106,144 79,53148,856 9,570 9,208 3,941 268, 299 246,150 219,499 $ 498,679 $ 429,896 $ 354,700 $ 125,413 $ 72,652 $ 46,820...
Simon Company's year-end balance sheets follow. 2018 2017 2016 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 $ 28,805 $ 33,670 $ 34,715 85,188 60,726 48,195 109,250 77,861 52,873 9,655 9,019 4,016 265,278 248,186 221,701 $498,176 $429,462 $361,500 $122,805 $ 72,579 $ 47,718 92,721 100,752 81,489...
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...
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