5art 3 of 6-pintseBookPrintReferencesMcGrawHillSimon Company's year-end balance sheets follow.At December 31AssetsCashAccounts receivable, netMerchandise inventory.Prepaid expensesPlant assets, netTotal assetsInterest expenseIncome tax expenseTotal costs and expensesNet incomeEarnings per shareLiabilities and EquityAccounts payableLong-term notes payable.Common stock, $10 par valueRetained earningsTotal liabilities and equityFor both the current year and one year ago, compute the following ratios:Current Year 1 Year Ago$ 31,56792,389113,90610,066276,621$ 524,549$415,968211,39311,5938,865$ 128,00097,629162,500136,420$ 524,549The company's income statements for the current year and one year ago follow. Assume that all sales are on credit:For Year Ended December 31SalesCost of goods soldOther operating expensesRequired 1A Required 18 Required 2ACompute days' sales uncollected.Current YearCurrent Year:1 Year Ago:Numerator:$681,914$ 35,45262,67586,1669,781258, 123$452,197647,819$ 34,095$ 2.10$ 76,421107, 125162,500106, 151$ 452,197Complete this question by entering your answers in the tabs below.Required 28$ 349,774136, 14312,3778,072(1-a) Compute days' sales uncollected.(1-b) Determine if days' sales uncollected improved or worsened in the current year.2 Years Ago(2-a) Compute accounts receivable turnover.(2-b) Determine if accounts receivable turnover ratio improved or worsened in the current year.Required 3A(3-a) Compute inventory turnover.(3-b) Determine if inventory turnover ratio improved or worsened in the current year.$36,93749,24952,9884,063229,871$ 373,100(4-a) Compute days' sales in inventory.(4-b) For each ratio, determine if days' sales in inventory improved or worsened in the current year.$ 48,26480,806162,50081,530$ 373,1001 Year AgoRequired 38Days' Sales Uncollected1Denominator:$ 538,114586,366$31,748$1.95Required 4ARequired 48x Days = Days' Sales Uncollected*Days' sales uncollectedRequired 10 >daysdays14< Prev56 78of 15⠀

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equired 48 ays' Sales Uncollecte Days' sales uncollected days days

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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