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 Interest expense Income tax expense Total costs and expenses Net income Current Year Earnings per share. $ 29,105 86,076 111,471 9,564 267,153 $ 503,369 $ 127,846 92,741 162,500 120, 282 $ 503,369 Current Year 1 Year Ago $ 399,172 202,858 11,124 8,507 $ 35,757 58,929 81,884 9,204 248,165 $ 433,939 $ 71,136 99,806 162,500 100,497 $ 433,939 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 $ 654,380 2 Years Ago 621,661 $ 32,719 $ 2.01 $ 37,276 49,702 52,408 4,060 229,354 $ 372,800 $ 49,702 80,741 For both the current year and one year ago, compute the following ratios: 162,500 79,857 $ 372,800 1 Year Ago $ 335,652 130,646 11,877 7,746 $ 516,387 485,921 $ 30,466 $ 1.87
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 Interest expense Income tax expense Total costs and expenses Net income Current Year Earnings per share. $ 29,105 86,076 111,471 9,564 267,153 $ 503,369 $ 127,846 92,741 162,500 120, 282 $ 503,369 Current Year 1 Year Ago $ 399,172 202,858 11,124 8,507 $ 35,757 58,929 81,884 9,204 248,165 $ 433,939 $ 71,136 99,806 162,500 100,497 $ 433,939 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 $ 654,380 2 Years Ago 621,661 $ 32,719 $ 2.01 $ 37,276 49,702 52,408 4,060 229,354 $ 372,800 $ 49,702 80,741 For both the current year and one year ago, compute the following ratios: 162,500 79,857 $ 372,800 1 Year Ago $ 335,652 130,646 11,877 7,746 $ 516,387 485,921 $ 30,466 $ 1.87
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
Interest expense
Income tax expense
Total costs and expenses
Net income
Current Year
Earnings per share
$ 29,105
86,076
111,471
9,564
267,153
$ 503,369
$ 127,846
92,741
162,500
120,282
$ 503,369
Current Year
1 Year Ago
$ 399,172
202,858
11,124
8,507
$ 35,757
58,929
81,884
9,204
248,165
$ 433,939
$ 71,136
99,806
162,500
100,497
$ 433,939
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 expe ses
$ 654,380
2 Years Ago
621,661
$ 32,719
$ 2.01
$ 37,276
49,702
52,408
4,060
229,354
$ 372,800
$ 49,702
80,741
162,500
79,857
$ 372,800
For both the current year and one year ago, compute the following ratios:
1 Year Ago
$ 335,652
130,646
11,877
7,746
$ 516,387
485,921
$ 30,466
$ 1.87](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F34b50297-9d6e-4783-913d-7184391f29ec%2Fb2799c22-ecb7-4274-8a60-5fde731da2c3%2Fnsoivtc_processed.png&w=3840&q=75)
Transcribed Image Text: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
Interest expense
Income tax expense
Total costs and expenses
Net income
Current Year
Earnings per share
$ 29,105
86,076
111,471
9,564
267,153
$ 503,369
$ 127,846
92,741
162,500
120,282
$ 503,369
Current Year
1 Year Ago
$ 399,172
202,858
11,124
8,507
$ 35,757
58,929
81,884
9,204
248,165
$ 433,939
$ 71,136
99,806
162,500
100,497
$ 433,939
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 expe ses
$ 654,380
2 Years Ago
621,661
$ 32,719
$ 2.01
$ 37,276
49,702
52,408
4,060
229,354
$ 372,800
$ 49,702
80,741
162,500
79,857
$ 372,800
For both the current year and one year ago, compute the following ratios:
1 Year Ago
$ 335,652
130,646
11,877
7,746
$ 516,387
485,921
$ 30,466
$ 1.87
Transcribed Image Text:(1) Compute debt and equity ratio for the current year and one year ago.
Current Year:
1 Year Ago:
Current Year:
1 Year Ago:
Numerator:
Numerator:
Debt Ratio
1
1
1
1
Equity Ratio
1
1
1
1
Denominator:
Denominator:
=
=
=
=
=
= Equity Ratio
Equity ratio
||
=
Debt Ratio
Debt ratio
=
%
%
%
do
%
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