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
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 5E: Multiple-Step and Single-Step In coin Statements The following items were derived from Gold...
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![Chapter 13 Homework
4
Part 2 of 6
-
Ints
eBook
Print
0
erences
0
Required information
[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
Required 1A Required 18
Required 2A
Liabilities and Equity
Accounts payable
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:
McGraw-Hill Connect
Required 28
Current Year 1 Year Ago 2 Years Ago
$ 31,567
92,389
113,906
10,066
276,621
$ 524,549
< Required 2A
$ 128,000
97,629
162,500
136,420
$ 524,549
Did 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.
$ 35,452
62,675
86,166
9,781
258, 123
$ 452,197
$ 76,421
107, 125
162,500
106,151
$ 452,197
Required 20
0
$ 36,937
49,249
52,980
4,063
229,871
$ 373,100
$ 48,264
80,806
162,500
81,530
$ 373,100
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Transcribed Image Text:Chapter 13 Homework
4
Part 2 of 6
-
Ints
eBook
Print
0
erences
0
Required information
[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
Required 1A Required 18
Required 2A
Liabilities and Equity
Accounts payable
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:
McGraw-Hill Connect
Required 28
Current Year 1 Year Ago 2 Years Ago
$ 31,567
92,389
113,906
10,066
276,621
$ 524,549
< Required 2A
$ 128,000
97,629
162,500
136,420
$ 524,549
Did 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.
$ 35,452
62,675
86,166
9,781
258, 123
$ 452,197
$ 76,421
107, 125
162,500
106,151
$ 452,197
Required 20
0
$ 36,937
49,249
52,980
4,063
229,871
$ 373,100
$ 48,264
80,806
162,500
81,530
$ 373,100
< Prev
4
5
GO
6
THE 8
of 15
ezto.mheducatio.
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![apter 13 Homework
4
2 of 6
Book
-
rint
ences
Required information
[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
Required 1A
Liabilities and Equity
Accounts payable
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:
Required 18
Current 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 Connect
Complete this question by entering your answers in the tabs below.
Required 28
4
Current Year 1 Year Ago 2 Years Ago
$ 31,567
92,389
113,906
10,066
276,621
$ 524,549
$ 128,000
97,629
162,500
136,420
$ 524,549
$ 35,452
62,675
86,166
9,781
258,123
$452, 197
Numerator:
Short-term investments
$ 76,421
107, 125
162,500
106,151
$ 452,197
4
+
+
Acid-test ratio
0
< Required 10
$ 36,937
49,249
52,988
4,063
229,871
$ 373,100
$ 48,264
80,806
162,500
81,530
$ 373,100
Denominator:
Required 28 >
a
x
9
Acid-Test Ratio
Acid-test ratio
to 1
to 1
to 1
< Prev
CD
4 5 6
8
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Transcribed Image Text:apter 13 Homework
4
2 of 6
Book
-
rint
ences
Required information
[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
Required 1A
Liabilities and Equity
Accounts payable
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:
Required 18
Current 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 Connect
Complete this question by entering your answers in the tabs below.
Required 28
4
Current Year 1 Year Ago 2 Years Ago
$ 31,567
92,389
113,906
10,066
276,621
$ 524,549
$ 128,000
97,629
162,500
136,420
$ 524,549
$ 35,452
62,675
86,166
9,781
258,123
$452, 197
Numerator:
Short-term investments
$ 76,421
107, 125
162,500
106,151
$ 452,197
4
+
+
Acid-test ratio
0
< Required 10
$ 36,937
49,249
52,988
4,063
229,871
$ 373,100
$ 48,264
80,806
162,500
81,530
$ 373,100
Denominator:
Required 28 >
a
x
9
Acid-Test Ratio
Acid-test ratio
to 1
to 1
to 1
< Prev
CD
4 5 6
8
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