Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets $ 25,796 $ 30,153 $ 30,486 62,200 83,000 7,915 186,258 Cash Accounts receivable, net Merchandise inventory Prepaid expenses 89,300 112,500 8,307 50,700 57,000 3,387 160,327 Plant assets, net 192,747 Total assets $ 428,650 $ 369,526 $ 301,900 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $ 108,869 $ 63,699 $ 40,648 82,198 162,500 75,083 86,691 162,500 56,636 68,054 162,500 30,698 Total liabilities and equity $ 428,650 $ 369,526 $ 301,900 ecember 31, The company's income statements credit: the years ende 2016, follow. A all sales ar oi For Year Ended December 31 2017 2016 Sales $ 557,245 $ 439,736 Cost of goods sold Other operating expenses Interest expense $ 339,919 172,746 9,473 7,244 $ 285,828 111,253 10,114 6,596 Income taxes Total costs and expenses 529,382 413,791 Net income $ 27,863 $ 25,945 Earnings per share $ 1.71 1.60
Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets $ 25,796 $ 30,153 $ 30,486 62,200 83,000 7,915 186,258 Cash Accounts receivable, net Merchandise inventory Prepaid expenses 89,300 112,500 8,307 50,700 57,000 3,387 160,327 Plant assets, net 192,747 Total assets $ 428,650 $ 369,526 $ 301,900 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $ 108,869 $ 63,699 $ 40,648 82,198 162,500 75,083 86,691 162,500 56,636 68,054 162,500 30,698 Total liabilities and equity $ 428,650 $ 369,526 $ 301,900 ecember 31, The company's income statements credit: the years ende 2016, follow. A all sales ar oi For Year Ended December 31 2017 2016 Sales $ 557,245 $ 439,736 Cost of goods sold Other operating expenses Interest expense $ 339,919 172,746 9,473 7,244 $ 285,828 111,253 10,114 6,596 Income taxes Total costs and expenses 529,382 413,791 Net income $ 27,863 $ 25,945 Earnings per share $ 1.71 1.60
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:(1) Compute days' sales uncollected.
Days' Sales Uncollected
Choose Numerator:
| Choose Denominator:
Days
Days' Sales Uncollected
365
Days' Sales Uncollected
X
2017:
0 days
2016:
0 days
(4) Compute days' sales in inventory.
Days' Sales In Inventory.
Choose Numerator:
Choose Denominator:
Days
Days' Sales In Inventory
%3D
365
Days' sales in inventory
2017:
0 days
2016:
0 days
%D
II
II
II
II
II
![Exercise 13-8 Liquidity analysis and interpretation LO P3
[The following information applies to the questions displayed below.]
Simon Company's year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
$ 25,796 $
89,300
112,500
8,307
30,153 $
62,200
83,000
7,915
30,486
50,700
57,000
3,387
Cash
Accounts receivable, net
Merchandise inventory
Prepaid expenses
Plant assets, net
192,747
186,258
160,327
Total assets
$ 428,650 $ 369,526 $ 301,900
Liabilities and Equity
Accounts payable
Long-term notes payable secured by
mortgages on plant assets
Common stock, $10 par value
Retained earnings
$ 108,869 $
63,699 $ 40,648
82,198
162,500
86,691
162,500
56,636
68,054
162,500
30,698
75,083
Total liabilities and equity
$ 428,650 $ 369,526 $ 301,900
The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on
credit:
For Year Ended December 31
2017
2016
Sales
$ 557,245
$ 439,736
$ 339,919
172,746
9,473
7,244
$ 285,828
111,253
10,114
6,596
Cost of goods sold
Other operating expenses
Interest expense
Income taxes
Total costs and expenses
529,382
413,791
Net income
$ 27,863
$
25,945
Earnings per share
$
1.71
$
1.60](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F75227c3d-0045-449f-908c-0dff54e4e54b%2F7aaf674f-8751-468a-af81-c8d0f6b2d954%2F0k09kkh_processed.png&w=3840&q=75)
Transcribed Image Text:Exercise 13-8 Liquidity analysis and interpretation LO P3
[The following information applies to the questions displayed below.]
Simon Company's year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
$ 25,796 $
89,300
112,500
8,307
30,153 $
62,200
83,000
7,915
30,486
50,700
57,000
3,387
Cash
Accounts receivable, net
Merchandise inventory
Prepaid expenses
Plant assets, net
192,747
186,258
160,327
Total assets
$ 428,650 $ 369,526 $ 301,900
Liabilities and Equity
Accounts payable
Long-term notes payable secured by
mortgages on plant assets
Common stock, $10 par value
Retained earnings
$ 108,869 $
63,699 $ 40,648
82,198
162,500
86,691
162,500
56,636
68,054
162,500
30,698
75,083
Total liabilities and equity
$ 428,650 $ 369,526 $ 301,900
The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on
credit:
For Year Ended December 31
2017
2016
Sales
$ 557,245
$ 439,736
$ 339,919
172,746
9,473
7,244
$ 285,828
111,253
10,114
6,596
Cost of goods sold
Other operating expenses
Interest expense
Income taxes
Total costs and expenses
529,382
413,791
Net income
$ 27,863
$
25,945
Earnings per share
$
1.71
$
1.60
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