!Required information[The following information applies to the questions displayed below.]Simon Company's year-end balance sheets follow.At December 31AssetsCashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, netTotal assetsLiabilities and EquityAccounts payableLong-term notes payableCommon stock, $10 par valueRetained earningsCurrent Year1 Year Ago2 Years Ago$ 43,24774,941$ 35,910107,232130,85811,564329,227$ 614,791$ 153,083113,269163,500184,93999,02911,241301,534$ 529,992$ 88,673120,679163,500157,140$ 529,992$ 42,01057,15662,1014,763266,970$ 433,000$ 57,15696,650162,500116,694$ 433,000Total liabilities and equity$ 614,791

The provided information shows Simon Company's balance sheets for the current year, one year ago,…

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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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Given Crockett Corporation's balance sheet, why is the return on total assets 31.4%?
Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below: Year 2 Year 1 Current assets: Cash $162 $100 Accounts receivable, net Inventory Prepaid expenses 192 192 142 132 92 92 Total current assets $588 $516 Current liabilities: $202 $182 Accounts payable Accrued liabilities 32 32 Notes payable, short term 92 82 Total current liabilities $326 $296 Sales on account during the year totaled $1,210 thousand. Cost of goods sold was $810 thousand. Requlred: Compute the following for Year 2: a. Working capital. (Enter your answer in thousands of dollars, I.e., 100,000 should be entered as 100.) b. Current ratio. (Round your answer to 2 decimal places.) C. Acid-test (quick) ratio. (Round your answer to 2 decimal places.) d. Accounts receivable turnover. (Round your answer to 2 declmal places.) e. Average collection period. (Use 365 days in a year. Round your intermediate calculatlons to 2 decimals places and your final answer to 1 decimal place.) f.…
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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 $ 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…
How can I calculate in which year Office Depot has the greatest financial liquidity using the data provided
Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below: Year 2 Year 1 Current assets: Cash $162 $100 Accounts receivable, net Inventory Prepaid expenses 192 192 142 132 92 92 Total current assets $588 $516 Current liabilities: Accounts payable Accrued liabilities $202 $182 32 32 Notes payable, short term 92 82 Total current liabilities $326 $296 Sales on account during the year totaled $1,210 thousand. Cost of goods sold was $810 thousand. Requlred: Compute the following for Year 2: a. Working capital. (Enter your answer In thousands of dollars, I.e., 100,000 should be entered as 100.) b. Current ratio. (Round your answer to 2 decimal places.) C. Acid-test (quick) ratio. (Round your answer to 2 decimal places.) d. Accounts recelvable turnover. (Round your answer to 2 decimal places.) e. Average collection perlod. (Use 365 days In a year. Round your Intermedlate calculatlons to 2 decimals places and your final answer to 1 decimal place.) f.…
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