Pls help me correctly all parts or skip pls. Required informationUse the following information for the Exercises below. (Static)Skip to question[The following information applies to the questions displayed below.]Simon Company's year-end balance sheets follow.At December 31Current YearAssetsCashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, netTotal assetsLiabilities and EquityAccounts payable$ 31,80089,500112,50010,700278,500$ 523,000$ 129,90098,5001 Year Ago163,500131,100$ 35,62562,50082,5009,375255,000$ 445,000Long-term notes payableCommon stock, $10 par valueRetained earningsTotal liabilities and equity$ 523,000$ 445,000Exercise 13-10 (Static) Analyzing efficiency and profitability LO P3$ 75,250101,500163,500104,7502 Years Ago$ 37,80050,20054,0005,000230,500$ 377,500$ 51,25083,500163,50079,250$ 377,500 The company's income statements for the current year and 1 year ago, follow.For Year Ended December 31Current Year1 Year AgoSales$ 673,500Cost of goods soldOther operating expensesInterest expenseIncome tax expenseTotal costs and expensesNet incomeEarnings per share$ 411,225209,55012,1009,525642,400$ 31,100$ 1.90$ 345,500134,98013,3008,845$ 532,000502,625$ 29,375$ 1.80For both the Current Year and 1 Year Ago, compute the following ratios:(1-a) Profit margin ratio.(1-b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago?(2) Total asset turnover.(3-a) Return on total assets.(3-b) Based on return on total assets, did Simon's operating efficiency improve or worsen in the Current Year versus 1 Year Ago?

Income statement:An income statement, also known as a profit and loss statement, is a financial…

For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Year 1 Year Ago $ 673,500 $ 411,225 209,550 12,100 9,525 642,400 $ 31,100 $ 1.90 $ 345,500 134,980 13,300 8,845 $ 532,000 502,625 $ 29,375 $ 1.80

For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Year 1 Year Ago $ 673,500 $ 411,225 209,550 12,100 9,525 642,400 $ 31,100 $ 1.90 $ 345,500 134,980 13,300 8,845 $ 532,000 502,625 $ 29,375 $ 1.80

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter3: The Basics Of Record Keeping And Financial Statement Preparation: Income Statement

Section: Chapter Questions

Problem 20P

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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 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 26,605 89, 200 114,500 8,568 221, 258 $ 460,131 $ 112,281 84,775 162,500 100,575 1 Year Ago $ 65,696 89,408 162,500 79,061 $ 460, 131 $ 396,665 Current Year $ 31,099 62,900 85,000 8,163 209,503 $ 396,665 $364,884 185,433 10,169 7,776 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: For Year Ended December 31 Sales Cost of goods sold Other operating expenses $ 598,170 2 Years Ago $ 32,725 50,800 58,000 3,636 192, 139 $…
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 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 $ 129,900 98,500 163,500 131, 100 $ 523,000 Current Year 1 Year Ago $ 411,225 209,550 12,100 9,525 $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 $ 75,250 101,500 163,500 104,750 $ 445,000 The company's income statements for the current year and one year ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses $ 673,500 2 Years Ago $ 37,800 50, 200 54,000 5,000 230,500 $ 377,500 642,400 $ 31,100 $ 1.90 $ 51,250…
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