Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 35,662...
Simon Company’s year-end balance sheets follow.
| At December 31 | 2017 | 2016 | 2015 | ||||||
| Assets | |||||||||
| Cash | $ | 35,662 | $ | 42,962 | $ | 44,296 | |||
| Accounts receivable, net | 107,579 | 75,183 | 56,767 | ||||||
| Merchandise inventory | 131,281 | 97,382 | 62,302 | ||||||
| Prepaid expenses | 11,484 | 11,054 | 4,731 | ||||||
| Plant assets, net |
330,773 |
305,125 | 266,304 | ||||||
| Total assets | $ | 616,779 | $ | 531,706 | $ | 434,400 | |||
| Liabilities and Equity | |||||||||
| Accounts payable | $ | 153,578 | $ | 90,757 | $ | 56,194 | |||
| Long-term notes payable secured by mortgages on plant assets |
118,274 | 124,738 | 97,922 | ||||||
| Common stock, $10 par value | 162,500 | 162,500 | 162,500 | ||||||
| Retained earnings | 182,427 | 153,711 | 117,784 | ||||||
| Total liabilities and equity | $ | 616,779 | $ | 531,706 | $ | 434,400 | |||
The company’s income statements for the years ended December 31,
2017 and 2016, follow.
| For Year Ended December 31 | 2017 | 2016 | ||||||||||
| Sales | $ | 801,813 | $ | 632,730 | ||||||||
| Cost of goods sold | $ | 489,106 | $ | 411,275 | ||||||||
| Other operating expenses | 248,562 | 160,081 | ||||||||||
| Interest expense | 13,631 | 14,553 | ||||||||||
| Income taxes | 10,424 | 9,491 | ||||||||||
| Total costs and expenses | 761,723 | 595,400 | ||||||||||
| Net income | $ | 40,090 | $ | 37,330 | ||||||||
| Earnings per share | $ | 2.47 | $ | 2.30 | ||||||||
Calculate the company’s long-term risk and capital structure
positions at the end of 2017 and 2016 by computing the following
ratios.
(1) Debt and equity ratios.
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Simon Company’s year-end balance sheets follow.
| At December 31 | 2017 | 2016 | 2015 | ||||||
| Assets | |||||||||
| Cash | $ | 35,662 | $ | 42,962 | $ | 44,296 | |||
| Accounts receivable, net | 107,579 | 75,183 | 56,767 | ||||||
| Merchandise inventory | 131,281 | 97,382 | 62,302 | ||||||
| Prepaid expenses | 11,484 | 11,054 | 4,731 | ||||||
| Plant assets, net |
330,773 |
305,125 | 266,304 | ||||||
| Total assets | $ | 616,779 | $ | 531,706 | $ | 434,400 | |||
| Liabilities and Equity | |||||||||
| Accounts payable | $ | 153,578 | $ | 90,757 | $ | 56,194 | |||
| Long-term notes payable secured by mortgages on plant assets |
118,274 | 124,738 | 97,922 | ||||||
| Common stock, $10 par value | 162,500 | 162,500 | 162,500 | ||||||
| Retained earnings | 182,427 | 153,711 | 117,784 | ||||||
| Total liabilities and equity | $ | 616,779 | $ | 531,706 | $ | 434,400 | |||
The company’s income statements for the years ended December 31,
2017 and 2016, follow.
| For Year Ended December 31 | 2017 | 2016 | ||||||||||
| Sales | $ | 801,813 | $ | 632,730 | ||||||||
| Cost of goods sold | $ | 489,106 | $ | 411,275 | ||||||||
| Other operating expenses | 248,562 | 160,081 | ||||||||||
| Interest expense | 13,631 | 14,553 | ||||||||||
| Income taxes | 10,424 | 9,491 | ||||||||||
| Total costs and expenses | 761,723 | 595,400 | ||||||||||
| Net income | $ | 40,090 | $ | 37,330 | ||||||||
| Earnings per share | $ | 2.47 | $ | 2.30 | ||||||||
Calculate the company’s long-term risk and capital structure
positions at the end of 2017 and 2016 by computing the following
ratios.
(2) Debt-to-equity ratio.
Simon Company’s year-end balance sheets follow.
| At December 31 | 2017 | 2016 | 2015 | ||||||
| Assets | |||||||||
| Cash | $ | 35,662 | $ | 42,962 | $ | 44,296 | |||
| Accounts receivable, net | 107,579 | 75,183 | 56,767 | ||||||
| Merchandise inventory | 131,281 | 97,382 | 62,302 | ||||||
| Prepaid expenses | 11,484 | 11,054 | 4,731 | ||||||
| Plant assets, net |
330,773 |
305,125 | 266,304 | ||||||
| Total assets | $ | 616,779 | $ | 531,706 | $ | 434,400 | |||
| Liabilities and Equity | |||||||||
| Accounts payable | $ | 153,578 | $ | 90,757 | $ | 56,194 | |||
| Long-term notes payable secured by mortgages on plant assets |
118,274 | 124,738 | 97,922 | ||||||
| Common stock, $10 par value | 162,500 | 162,500 | 162,500 | ||||||
| Retained earnings | 182,427 | 153,711 | 117,784 | ||||||
| Total liabilities and equity | $ | 616,779 | $ | 531,706 | $ | 434,400 | |||
The company’s income statements for the years ended December 31,
2017 and 2016, follow.
| For Year Ended December 31 | 2017 | 2016 | ||||||||||
| Sales | $ | 801,813 | $ | 632,730 | ||||||||
| Cost of goods sold | $ | 489,106 | $ | 411,275 | ||||||||
| Other operating expenses | 248,562 | 160,081 | ||||||||||
| Interest expense | 13,631 | 14,553 | ||||||||||
| Income taxes | 10,424 | 9,491 | ||||||||||
| Total costs and expenses | 761,723 | 595,400 | ||||||||||
| Net income | $ | 40,090 | $ | 37,330 | ||||||||
| Earnings per share | $ | 2.47 | $ | 2.30 | ||||||||
Calculate the company’s long-term risk and capital structure
positions at the end of 2017 and 2016 by computing the following
ratios.
(3) Times interest earned.
Homework Answers
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Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 35,662...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,600...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,600 $ 34,600 $ 36,000 Accounts receivable, net 89,200 64,400 55,700 Merchandise inventory 68,818 84,700 50,700 Prepaid expenses 10,613 9,438 3,852 Plant assets, net 369,769 251,862 193,748 Total assets $ 570,000 $ 445,000 $ 340,000 Liabilities and Equity Accounts payable $ 140,511 $ 73,701 $ 44,880 Long-term notes payable secured by mortgages on plant assets 109,303 104,397 74,389 Common stock, $10 par value 162,500 162,500...
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...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 29,607...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 29,607 $ 34,608 $ 35,690 Accounts receivable, net 89,500 62,600 57,300 Merchandise inventory 110,500 84,500 51,000 Prepaid expenses 9,535 9,085 3,965 Plant assets, net 262,674 241,807 212,545 Total assets $ 501,816 $ 432,600 $ 360,500 Liabilities and Equity Accounts payable $ 124,952 $ 73,109 $ 47,586 Long-term notes payable secured by mortgages on plant assets 94,341 99,498 79,671 Common stock, $10 par value 162,500 162,500...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 27,923...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 27,923 $ 33,985 $ 32,679 Accounts receivable, net 85,935 58,886 45,369 Merchandise inventory 105,949 76,257 47,839 Prepaid expenses 9,270 8,833 3,743 Plant assets, net 258,832 242,650 210,670 Total assets $ 487,909 $ 420,611 $ 340,300 Liabilities and Equity Accounts payable $ 119,060 $ 71,083 $ 46,267 Long-term notes payable secured by mortgages on plant assets 92,644 93,838 75,206 Common stock, $10 par value 162,500 162,500...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 36,335...
Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
36,335
$
42,472
$
42,524
Accounts receivable, net
107,459
73,568
56,120
Merchandise inventory
139,163
102,226
60,994
Prepaid expenses
12,179
11,377
4,773
Plant assets, net
333,281
312,096
273,889
Total assets
$
628,417
$
541,739
$
438,300
Liabilities and Equity
Accounts payable
$
159,605
$
89,723
$
59,013
Long-term notes payable secured by
mortgages on plant assets
120,505
123,354
94,927
Common stock, $10 par value
162,500
162,500...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,800...
Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
31,800
$
36,000
$
37,200
Accounts receivable, net
88,100
62,000
50,500
Merchandise inventory
111,000
83,800
54,500
Prepaid expenses
10,300
9,350
4,600
Plant assets, net
280,000
257,000
235,000
Total assets
$
521,200
$
448,150
$
381,800
Liabilities and Equity
Accounts payable
$
129,200
$
75,250
$
50,400
Long-term notes payable secured by
mortgages on plant assets
98,000
100,000
82,600
Common stock, $10 par value
161,500
161,500...
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 31 2017 2016 2015 Assets Cash $ 31,800 $ 35...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable secured by mortgages on plant assets 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500...
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. 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.
At December 31
2017
2016
2015
Assets
Cash
$
36,335
$
42,472
$
42,524
Accounts receivable, net
107,459
73,568
56,120
Merchandise inventory
139,163
102,226
60,994
Prepaid expenses
12,179
11,377
4,773
Plant assets, net
333,281
312,096
273,889
Total assets
$
628,417
$
541,739
$
438,300
Liabilities and Equity
Accounts payable
$
159,605
$
89,723
$
59,013
Long-term notes payable secured by
mortgages on plant assets
120,505
123,354
94,927
Common stock, $10 par value
162,500
162,500...
Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
31,800
$
36,000
$
37,200
Accounts receivable, net
88,100
62,000
50,500
Merchandise inventory
111,000
83,800
54,500
Prepaid expenses
10,300
9,350
4,600
Plant assets, net
280,000
257,000
235,000
Total assets
$
521,200
$
448,150
$
381,800
Liabilities and Equity
Accounts payable
$
129,200
$
75,250
$
50,400
Long-term notes payable secured by
mortgages on plant assets
98,000
100,000
82,600
Common stock, $10 par value
161,500
161,500...
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. 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.
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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