#3-m24 i 4. 4 of 4 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 Saved Current Year 1 Year Ago 2 Years Ago $ 34,608 89,800 114,000 11,145 319,936 $ 569,489 $ 40,453 62,700 82,500 10,619 294,667 $ 490,939 Accounts payable $ 146,057 Long-term notes payable Common stock, $10 par value Retained earnings 110,276 162,500 150,656 Total liabilities and equity $ 569,489 $ 490,939 $ 85,458 116,303 162,500 126,678 $ 40,502 50,800 57,000 4,500 244,398 $ 397,200 $ 54,003 90,415 162,500 90,282 $ 397,200 The company’s income statements for the current year and one year ago follow. Assume that all sales are on credit: For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Year $ 740,336 $ 451,605 1 Year Ago $ 584,217 229,504 12,586 9,624 $ 37,017 $ 2.28 $ 379,741 147,807 13,437 8,763 703,319 549,748 $ 34,469 $ 2.12 (4-a) Compute days' sales in inventory. (4-b) For each ratio, determine if it improved or worsened in the current year. Help Save

#3-m24 i 4. 4 of 4 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 Saved Current Year 1 Year Ago 2 Years Ago $ 34,608 89,800 114,000 11,145 319,936 $ 569,489 $ 40,453 62,700 82,500 10,619 294,667 $ 490,939 Accounts payable $ 146,057 Long-term notes payable Common stock, $10 par value Retained earnings 110,276 162,500 150,656 Total liabilities and equity $ 569,489 $ 490,939 $ 85,458 116,303 162,500 126,678 $ 40,502 50,800 57,000 4,500 244,398 $ 397,200 $ 54,003 90,415 162,500 90,282 $ 397,200 The company’s income statements for the current year and one year ago follow. Assume that all sales are on credit: For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Year $ 740,336 $ 451,605 1 Year Ago $ 584,217 229,504 12,586 9,624 $ 37,017 $ 2.28 $ 379,741 147,807 13,437 8,763 703,319 549,748 $ 34,469 $ 2.12 (4-a) Compute days' sales in inventory. (4-b) For each ratio, determine if it improved or worsened in the current year. Help Save

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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