6 rt 1 of 3 nts eBook Hint eferences [The following information applies to the questions displayed below.] 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 $ 34,375 99,630 124,001 11,070 319,442 $588,518 $ 146,541 111,748 163,500 166,729 $588,518 1 Year Ago 2 Years Ago $ 40,993 $ 41,027 69,607 55,808 96,674 60,036 10,761 289, 308 4,697 257,032 $ 418,600 $ 507,343 Exercise 13-7 (Algo) Analyzing liquidity LO P3 $ 83,169 115,522 162,500 146, 152 $507,343 Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios: (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three-year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three-year period? $ 54,703 91,585 162,500 109,812 $ 418,600

6 rt 1 of 3 nts eBook Hint eferences [The following information applies to the questions displayed below.] 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 $ 34,375 99,630 124,001 11,070 319,442 $588,518 $ 146,541 111,748 163,500 166,729 $588,518 1 Year Ago 2 Years Ago $ 40,993 $ 41,027 69,607 55,808 96,674 60,036 10,761 289, 308 4,697 257,032 $ 418,600 $ 507,343 Exercise 13-7 (Algo) Analyzing liquidity LO P3 $ 83,169 115,522 162,500 146, 152 $507,343 Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios: (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three-year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three-year period? $ 54,703 91,585 162,500 109,812 $ 418,600

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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