tesRequired information[The following information applies to the questions displayed below.)Simon Company's year-end balance sheets follow.At December 31AssetsCashAccounts receivable, netMerchandise inventory.Prepaid expensesPlant assets, netTotal assetsLiabilities and EquityAccounts payableLong-term notes payable.Current Year 1 Year Ago 2 Years Ago$ 31,800 $ 35,62589,50062,500112,50010,700278,500$ 523,00082,5009,375255,000$ 445,000$ 129,900.$ 75,250.98,500101,500163,500163,500131,100104,750$ 523,000 $ 445,000$ 411,225209,55012,1009,525Common stock, $10 par valueRetained earningsTotal liabilities and equityThe company's income statements for the current year and 1 year ago, follow.Current Year1 Year AgoFor Year Ended December 31SalesCost of goods soldOther operating expenses.Interest expenseIncome tax expenseTotal costs and expensesNet incomeEarnings per share$ 673,500$ 37,80050,20054,0005,000230,500$ 377,500642,400$ 31,100$ 1.90$ 51,25083,500163,50079,250$ 377,500$ 345,500134,98013,3008,845$ 532,000502,625$ 29,375$ 1.80 wwwwwwRequired informationEarnings per anareFor both the Current Year and 1 Year Ago, compute the following ratios:(3-a) Compute return on total assets for the current year and one year ago.(3-b) Based on return on total assets, did Simon's operating efficiency improve or worsen in the Current Year versus 1 Year Ago?Complete this question by entering your answers in the tabs below.Required 3A Required 38Current Year:1 Year Ago:Compute return on total assets for the current year and one year ago..Required information94.90Numerator:Return On Total Assets1111Denominator:(Required 3A=1.90.Required 3B >L.BUReturn On Total AssetsReturn on total assets%%Earnings per snareFor both the Current Year and 1 Year Ago, compute the following ratios:Complete this question by entering your answers in the tabs below.L.O0(3-a) Compute return on total assets for the current year and one year ago.(3-b) Based on return on total assets, did Simon's operating efficiency improve or worsen in the Current Year versus 1 Year AgRequired 3A Required 38Based on return on total assets, did Simon's operating efficiency improve or worsen in the Current Year versus 1 Year Ago?Return on total assets

Name: tesRequired information[The following information applies to the ques
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: tesRequired information[The following information applies to the questions displayed below.)Simon Company's year-end balance sheets follow.At December 31AssetsCashAccounts receivable, netMerchandise inventory.Prepaid expensesPlant assets, netTotal a

Lets understand the basics. Return on total assets ratio indicates company ability to generate…

Business

Accounting

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 noten payable i Common stock, $10 par value Retained earnings Total liabilities and equity Current Year 1 Year Ago 2 Years Ago $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 $ 129,900 98,500 163,500 131,100 $ 523,000 $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 $ 75,250 101,500 163,500 104,750 $ 445,000 $ 37,800 50,200 54,000 5,000 230,500 $377,500 $ 51,250 83,500 163,500 79,250 $ 377,500

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 noten payable i Common stock, $10 par value Retained earnings Total liabilities and equity Current Year 1 Year Ago 2 Years Ago $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 $ 129,900 98,500 163,500 131,100 $ 523,000 $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 $ 75,250 101,500 163,500 104,750 $ 445,000 $ 37,800 50,200 54,000 5,000 230,500 $377,500 $ 51,250 83,500 163,500 79,250 $ 377,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

[The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets $ 33,783 $ 39,888 71,898 89,474 10,785 286,555 $ 39,900 56,491 58,411 4,616 256,082 Cash Accounts receivable, net Merchandise inventory 97,913 125,594 10,989 310,097 Prepaid expenses Plant assets, net Total assets $ 578,376 $ 498,600 $ 415,500 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings $ 144,016 $ 54,298 $81,735 113,531 163,500 139,834 109,822 163,500 91,826 163,500 105,876 161,038 Total liabilities and equity $ 578,376 $ 498,600 $ 415,500 For both the current year and one year ago, compute the following ratios: Exercise 17-11 (Algo) Analyzing profitability LO P3 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Current Year 1 Year Ago Sales $ 751,889 $ 593,334 $ 458,652 Cost of goods sold…
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals View transaction list Journal entry worksheet
Use the following balance sheet data to compute the net operating working capital. Cash Accounts Receivable Inventory Current Assets Net fixed assets Total assets $60 160 200 $420 $700 $1,120 Account payable Accruals Notes payable Current liabilities Long-term debt Common equity Retained earnings Total liabilities and equity $180 110 200 $490 250 160 220 $1,120
1n. Account
Required Information [The following Information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Current Year 1 Year Ago 2 Years Ago Cash $ 34,475 Accounts receivable, net 101,959 $ 42,354 70,522 Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable 130,758 11,329 317,729 $ 596,250 110,974 162,500 171,340 96,043 11,118 293,972 $ 514,009 $ 86,868 118,222 162,500 146,419 $ 596,250 $ 514,009 $ 41,986 56,541 60,824 4,758 259,991 $ 424,100 $ 54,862 91,852 162,500 114,886 $ 424,100 $ 151,436 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: The company's Income statements for the current year and 1 year ago, follow. For Year Ended December 31 Sales Cost of goods sold Interest expense Income tax expense Other operating expenses Total costs and expenses…
A condensed balance sheet for Simultech Corporation and a partially completed vertical analysis are presented below. Complete the vertical analysis by computing each missing line item as a percentage of total assets. (Round your answers to the nearest whole percent.) SIMULTECH CORPORATION Balance Sheet (summarized) January 31 (in millions of U.S. dollars) Cash $433 29 % Current Liabilities $409 27 % Accounts Receivable 294 19 Long-term Liabilities 495 33 Inventory 206 14 Total Liabilities 904 Other Current Assets 109 Common Stock 118 Property and Equipment 27 2 Retained Earnings 492 32 Other Assets 445 29 Total Stockholders’ Equity 610 Total Assets $1,514 100 % Total Liabilities & Stockholders’ Equity $1,514 100 % 2A. What percentage of Simultech’s total assets relate to inventory? (Round your answer to the nearest whole percent.) 2B. What percentage of Simultech’s total assets relate to property…
The following financial statements apply to Adams Company: ADAMS COMPANY Income Statements for the Years Ending December 31 Year 1 $180,400 Revenues Expenses Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Total expenses Net income Assets Current assets Cash Marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Plant and equipment (net) Intangibles Total assets Liabilities and Stockholders Equity Liabilities Current liabilities Accounts payable Other Total current liabilities Bonds payable Total liabilities $ 220,800 Stockholders equity Common stock (49,000 shares) 124, 600 20,200 10,000 2.100 20,400 177,300 $ 43,500 ADAMS COMPANY Balance Sheets As of December 31 F Retained earnings Total stockholders equity Total liabilities and stockholders' equity 102, 100 18.200 9,000 2,100 17,600 149,000 $ 31,400 $ 5,100 1,800 36,000 101, 200 4,800 148,900 107,000 20,600 $ 276,500 $38,200 16,500…
Operating activities: Net earnings Non-cash items Add: Depreciation LAURENT COMPANY Statement of Cash Flows For the year 31 December 20X8 Changes to working ital: Add: Decrease in accounts receivable Less: Increase in accounts payable Less: Increase in inventory Investing activities: Decrease in long-term bank loan Purchase of long-term investment Financing activities: Sold long-term investment Paid cash dividend Net change in cash Opening cash Closing cash Chemisie ہے
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 For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 31,880 88,776 116, 174 9,763 283, 158 $ 529,751 $ 127,951 100,589 162,500 138,711 $529,751 For both the current year and one year ago, compute the following ratios: $ 420,092 213,490 11,707 8,953 Current Year 1 Year Ago The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: $ 688,676 $36,900 63,296 86,176 9,686 260,624 $ 456,682 654,242 $34,434 $ 2.12 2 Years Ago $36,930 50,235 $ 75,636 105, 037 163,500 $ 49,240 81,607 162,500 83,453 112,509 $ 456,682 $ 376,800 54, 576 4,186 230,873 $…
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 $ 30,800 88,100 111,000 10,900 280,000 $ 520,800 $ 128,400 98,000 163,500 130,900 $ 520,800 Current Year 1 Year Ago $ 35,000 61,500 82,400 9,300 250,500 $ 438,700 $ 478,850 243,350 12,100 9,550 $73,750 101,750 163,500 99,700 $438,700 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses $785,000 Interest expense Income tax expense Total costs and expenses Net income Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: 743,850 $ 41,150 $ 2.52 2…
1
Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets $ 31,600 88,000 112,500 10,650 281,000 $523,750 $ 36,250 $ 38,400 62,000 83,800 9,350 249,500 $440,900 $ 379,900 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 49,500 52,500 4,500 235,000 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $128,400 $ 74,750 $ 50,800 97,000 160,500 137,850 98,250 160,500 107,400 81,600 160,500 87,000 Total liabilities and equity $523,750 $440,900 $ 379,900 ces The company's income statements for the Current Year and 1 Year Ago, follow. 1 Yr Ago For Year Ended December 31 Sales Current Yr $755,000 $ 620,000 Cost of goods sold other operating expenses Interest expense $445,450 234,050 11,300 9,550 $390,600 148,800 12,700 8,925 Income tax expense Total costs and expenses 700,350 561,025 Net income $ 54,650 $…