apter 13 Homework i3rt 1 of 6ntseBookPrintnReferencesMcGrawHill!Required information[The following information applies to the questions displayed below.]Simon Company's year-end balance sheets follow.At December 31AssetsCashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, netTotal assetsReg 1Liabilities and EquityAccounts payableLong-term notes payableCommon stock, $10 par valueRetained earningsTotal liabilities and equityFor both the current year and one year ago, compute the following ratios:Req 2 and 3AssetsCashAccounts receivable, netMerchandise inventoryComplete this question by entering your answers in the tabs below.SIMON COMPANYCommon-Size Comparative Balance SheetsDecember 31Prepaid expensesPlant assets, netMomTotal assetsLiabilities and EquityAccounts payableLong-term notes payableCommon stock, $10 parRetained earningsTotal liabilities and equityMcGraw-Hill ConnectCurrent YearCurrent Year 1 Year Ago$ 31,56792,389113,90610,066276,621$ 524,5491. 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 totalassets 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 totalassets favorable or unfavorable?%%$ 128,00097,629162,500136,420$ 524,549%Reg1Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentageanswers to 1 decimal place.)1 Year Ago$ 35,45262,675%86,1669,781258, 123$ 452,197%%$ 76,421107, 125162,500106, 151$ 452,197%2 Years Ago2 Years Ago%$ 36,93749,24952,9804,063229,871$ 373,100Req 2 and 3>$ 48,26480,806162,50081,530$ 373,100< Prev3 435Saved8of 3Part 1 of 6-5pointseBookCPrintReferencesMcGrawHillRequired information[The following information applies to the questions displayed below.]Simon Company's year-end balance sheets follow.At December 31AssetsCashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, netTotal assetsLiabilities and EquityAccounts payableLong-term notes payableCommon stock, $10 par valueRetained earningsTotal liabilities and equityFor both the current year and one year ago, compute the following ratios:Reg 1Current Year 1 Year Ago 2 Years Ago$ 35,45262,675$ 31,56792,389113,90610,066276,62186,1669,781258, 123$452, 197$ 524,549Req 2 and 3Complete this question by entering your answers in the tabs below.$ 128,00097,629162,500136,420$ 524,5491. 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 totalassets 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 totalassets favorable or unfavorable?$ 76,421107, 125162,500106, 151$ 452,1972. Change in accounts receivable3. Change in merchandise inventory< Req 1$ 36,93749,24952,9804,063229,871$ 373,1002. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage oftotal assets favorable or unfavorable?$ 48,26480,806162,50081,530$ 373,1003. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage oftotal assets favorable or unfavorable?ATShow less A< Prev3O4 5***

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

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

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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