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 Req 1 For both the current year and one year ago, compute the following ratios Req 2 and 3: Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Current Year $ 27,941 78,551 101,818 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? Complete this question by entering your answers in the tabs below. 9,178 256,083 $ 473,571 3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable? Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par Retained earnings Total liabilities and equity $ 116,740 89,922 163,500 103,409 $ 473,571 % % Express the balance sheets in common-size percents. Note: Do not round intermediate calculations and round your final percentage answers to 1 decimal place. SIMON COMPANY Common-Size Comparative Balance Sheets December 31 % 1 Year Ago 2 Years Ago $ 32,007 $ 33,027 58,870 43,164 75,526 47,841 8,830 233,018 $ 408,251 Current Year 1 Year Ago 2 Years Ago $ 68,304 95,776 163,500 80,671 $ 408,251
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 Req 1 For both the current year and one year ago, compute the following ratios Req 2 and 3: Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Current Year $ 27,941 78,551 101,818 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? Complete this question by entering your answers in the tabs below. 9,178 256,083 $ 473,571 3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable? Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par Retained earnings Total liabilities and equity $ 116,740 89,922 163,500 103,409 $ 473,571 % % Express the balance sheets in common-size percents. Note: Do not round intermediate calculations and round your final percentage answers to 1 decimal place. SIMON COMPANY Common-Size Comparative Balance Sheets December 31 % 1 Year Ago 2 Years Ago $ 32,007 $ 33,027 58,870 43,164 75,526 47,841 8,830 233,018 $ 408,251 Current Year 1 Year Ago 2 Years Ago $ 68,304 95,776 163,500 80,671 $ 408,251
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Assets
Cash
For both the current year and one year ago, compute the following ratios:
Req 1
1. Express the balance sheets in common-size percents.
2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total
assets favorable or unfavorable?
Complete this question by entering your answers in the tabs below.
3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total
assets favorable or unfavorable?
Reg 2 and 3
Accounts receivable, net
Merchandise inventory
Prepaid expenses
Plant assets, net
Total assets
Current Year 1 Year Ago 2 Years Ago
$ 32,007
$ 33,027
$ 27,941
78,551
58,870
43,164
75,526
47,841
101,818
9,178
256,083
8,830
233,018
$ 473,571
$ 408,251.
$ 116,740
89,922
163,500
103,409
$ 473,571
Liabilities and Equity
Accounts payable
Long-term notes payable
Common stock, $10 par
Retained earnings
Total liabilities and equity
Express the balance sheets in common-size percents.
Note: Do not round intermediate calculations and round your final percentage answers to 1 decimal place.
SIMON COMPANY
Common-Size Comparative Balance Sheets
December 31
%
%
Current Year 1 Year Ago 2 Years Ago
%
$ 68,304
95,776
163,500
80,671
$ 408,251
<Reg 1
%
%
%
%
3,742
202,526
$ 330,300
%
$ 44,036
73,726
163,500
49,038
$ 330,300
%
%
Req 2 and 3>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe5f1708a-0e0e-4bc9-a9dc-997be5187904%2F78e95373-d850-4ef8-bfda-3b07e8210c4d%2Fv7dbgzk_processed.jpeg&w=3840&q=75)
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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
Assets
Cash
For both the current year and one year ago, compute the following ratios:
Req 1
1. Express the balance sheets in common-size percents.
2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total
assets favorable or unfavorable?
Complete this question by entering your answers in the tabs below.
3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total
assets favorable or unfavorable?
Reg 2 and 3
Accounts receivable, net
Merchandise inventory
Prepaid expenses
Plant assets, net
Total assets
Current Year 1 Year Ago 2 Years Ago
$ 32,007
$ 33,027
$ 27,941
78,551
58,870
43,164
75,526
47,841
101,818
9,178
256,083
8,830
233,018
$ 473,571
$ 408,251.
$ 116,740
89,922
163,500
103,409
$ 473,571
Liabilities and Equity
Accounts payable
Long-term notes payable
Common stock, $10 par
Retained earnings
Total liabilities and equity
Express the balance sheets in common-size percents.
Note: Do not round intermediate calculations and round your final percentage answers to 1 decimal place.
SIMON COMPANY
Common-Size Comparative Balance Sheets
December 31
%
%
Current Year 1 Year Ago 2 Years Ago
%
$ 68,304
95,776
163,500
80,671
$ 408,251
<Reg 1
%
%
%
%
3,742
202,526
$ 330,300
%
$ 44,036
73,726
163,500
49,038
$ 330,300
%
%
Req 2 and 3>
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