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1. Express the balance sheets in common-size percents 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable? Complete this question by entering your answers in the tabs below. Req 2 and 31 Express the balance sheets in common-size percents. Note: Do not round intermediate calculations and round your final percentage answers to 1 decimal place. SIMON COMPANY Common Size Comparative Balance Sheets December 31 Req 1 Assets Cash Accounts receivable, net Current Year 1 Year Ago 2 Years Ago %% BAR

1. Express the balance sheets in common-size percents 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable? Complete this question by entering your answers in the tabs below. Req 2 and 31 Express the balance sheets in common-size percents. Note: Do not round intermediate calculations and round your final percentage answers to 1 decimal place. SIMON COMPANY Common Size Comparative Balance Sheets December 31 Req 1 Assets Cash Accounts receivable, net Current Year 1 Year Ago 2 Years Ago %% BAR

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ces 1. Express the balance sheets in common-size percents 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable? Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Express the balance sheets in common-size percents. Note: Do not round intermediate calculations and round your final percentage answers to 1 decimal place. SIMON COMPANY Common Size Comparative Balance Sheets 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 Common stock, $10 par Retained earnings Total liabilities and equity Current Year 1 Year Ago 2 Years Ago % Reg 1 % Req 2 and 3>
Transcribed Image Text:ces 1. Express the balance sheets in common-size percents 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable? Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Express the balance sheets in common-size percents. Note: Do not round intermediate calculations and round your final percentage answers to 1 decimal place. SIMON COMPANY Common Size Comparative Balance Sheets 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 Common stock, $10 par Retained earnings Total liabilities and equity Current Year 1 Year Ago 2 Years Ago % Reg 1 % Req 2 and 3>
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 Current Year $ 25,197 73,028 91,819 8,032 233,305 $ 431,381 1 Year Ago $ 30,643 51,022 69,486 7,966 212,763 $ 371,880 $ 104, 191 Long-tera notes payable Common stock, $10 par value 80,289 162,500 84,401 $ 62,219 87,243 162,500 59,918 Retained earnings Total liabilities and equity $ 431,381 $ 371,880 For both the current year and one year ago, compute the following ratios 2 Years Ago $ 31,601 39,680 44,446 3,511 190,662 $309,900 $ 40,089 67,118 162,500 40,193 $ 309,900 Exercise 17-6 (Algo) Common-size percents LO P2 1. Express the balance sheets in common-size percents 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable?
Transcribed Image Text: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 Current Year $ 25,197 73,028 91,819 8,032 233,305 $ 431,381 1 Year Ago $ 30,643 51,022 69,486 7,966 212,763 $ 371,880 $ 104, 191 Long-tera notes payable Common stock, $10 par value 80,289 162,500 84,401 $ 62,219 87,243 162,500 59,918 Retained earnings Total liabilities and equity $ 431,381 $ 371,880 For both the current year and one year ago, compute the following ratios 2 Years Ago $ 31,601 39,680 44,446 3,511 190,662 $309,900 $ 40,089 67,118 162,500 40,193 $ 309,900 Exercise 17-6 (Algo) Common-size percents LO P2 1. Express the balance sheets in common-size percents 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable?
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