13 3 a and b [The following information applies to the questions displayed below.]Simon Company's year-end balance sheets follow.At December 31Current Yr1 Yr Ago2 Yrs AgoAssets$ 25,19989,800113,5008,115203,699$ 440,31329,455 $62,90083,0007,732196,493$ 379,580 $ 326,100$31,31550, 20056,0003,479185,106CashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, netTotal assetsLiabilities and EquityAccounts payableLong-term notes payableCommon stock, $10 par valueRetained earnings$ 106,34980, 295162,50091,169$ 62,225 $84,684162,50070,171$ 379,580 $ 326,10041,75469,906162, 50051,940Total liabilities and equity$ 440,313The company's income statements for the current year and one year ago follow. Assume that all sales are on credit:1 Yr Ago$ 451,700For Year Ended December 31Current YrSales$ 572,407Cost of goods soldOther operating expensesInterest expense$ 349,168177,4469,7317,441$ 293,605114,28010,3896,776Income tax expenseTotal costs and expenses543,786425,050$ 26,650Net income$28,621Earnings per share1.761.64 Exercise 13-9 (Algo) Part 3(3-a) Compute inventory turnover.(3-b) For each ratio, determine if it improved or worsened in the current year.Complete this question by entering your answers in the tabs below.Required 3ARequired 3BCompute inventory turnover.Inventory TurnoverI Choose Denominator:Choose Numerator:Inventory TurnoverInventory turnoverCurrent Yr:times1 Yr Ago:times%D< Required 3ARequired 3B>

Average inventory = (Beginning inventory + Ending inventory)/2 Current year = (83,000 + 113,500)/2…

Exercise 13-9 (Algo) Part 3 (3-a) Compute inventory turnover. (3-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute inventory turnover. Inventory Turnover I Choose Denominator: Choose Numerator: Inventory Turnover Inventory turnover Current Yr: times 1 Yr Ago: times Roguirod 3B

Exercise 13-9 (Algo) Part 3 (3-a) Compute inventory turnover. (3-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute inventory turnover. Inventory Turnover I Choose Denominator: Choose Numerator: Inventory Turnover Inventory turnover Current Yr: times 1 Yr Ago: times Roguirod 3B

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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