Chapter 13 Homework4Part 2 of 6-IntseBookPrint0erences0Required 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 assetsRequired 1A Required 18Required 2ALiabilities and EquityAccounts payableLong-term notes payable.Common stock, $10 par valueRetained earningsTotal liabilities and equityFor both the current year and one year ago, compute the following ratios:McGraw-Hill ConnectRequired 28Current Year 1 Year Ago 2 Years Ago$ 31,56792,389113,90610,066276,621$ 524,549< Required 2A$ 128,00097,629162,500136,420$ 524,549Did the acid-test ratio Improve or worsen over the three-year period?Acid-test ratio(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?Complete this question by entering your answers in the tabs below.$ 35,45262,67586,1669,781258, 123$ 452,197$ 76,421107, 125162,500106,151$ 452,197Required 200$ 36,93749,24952,9804,063229,871$ 373,100$ 48,26480,806162,50081,530$ 373,100< Prev45GO6THE 8of 15ezto.mheducatio.SavedNext > apter 13 Homework42 of 6Book-rintencesRequired 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 assetsRequired 1ALiabilities and EquityAccounts payableLong-term notes payable.Common stock, $10 par valueRetained earningsTotal liabilities and equityFor both the current year and one year ago, compute the following ratios:Required 18Current Year:1 Year Ago:2 Years Ago:Required 2A(1-a) Compute the current ratio for each of the three years.(1-b) Did the current ratio improve or worsen over the three-year period?(2-a) Compute the acid-test ratio for each of the three years.(2-b) Did the acid-test ratio improve or worsen over the three-year period?Compute the acid-test ratio for each of the three years.McGraw-Hill ConnectComplete this question by entering your answers in the tabs below.Required 284Current Year 1 Year Ago 2 Years Ago$ 31,56792,389113,90610,066276,621$ 524,549$ 128,00097,629162,500136,420$ 524,549$ 35,45262,67586,1669,781258,123$452, 197Numerator:Short-term investments$ 76,421107, 125162,500106,151$ 452,1974++Acid-test ratio0< Required 10$ 36,93749,24952,9884,063229,871$ 373,100$ 48,26480,806162,50081,530$ 373,100Denominator:Required 28 >ax9Acid-Test RatioAcid-test ratioto 1to 1to 1< PrevCD4 5 68ezto.mheducation.comSavedof 15Next >

1. Current ratio =Current asset/Current liabilities

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? Complete this question by entering your answer $ 373,100

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? Complete this question by entering your answer $ 373,100

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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