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 Current Year: 1 Year Ago: Liabilities and Equity Accounts payable 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: Required 1 Required 2 Required 3A Required 38 Compute the return on equity for each year. Return On Equity $ $ Numerator: Net income Current Year $ 34,542 101,104 128,366 11,344 304, 305 $ 579,661 1 37,678/ 35,085/ 1 Year Ago $ 41,176 69,959 90,597 10,389 287,587 $ 499,788 $ 140,006 110,066 163,5ee $ 84,451 112,634 163,500 166,089 139,123 $ 579,661 $ 499,708 Denominator: Average total equity 2 Years Ago $ 41,634 56,056 58,547 4,626 251,437 $ 412,300 "" $ 54,968 92,941 162,500 101,891 $ 412,300 Return On Equity Return on equity 0 % 0 %

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 Current Year: 1 Year Ago: Liabilities and Equity Accounts payable 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: Required 1 Required 2 Required 3A Required 38 Compute the return on equity for each year. Return On Equity $ $ Numerator: Net income Current Year $ 34,542 101,104 128,366 11,344 304, 305 $ 579,661 1 37,678/ 35,085/ 1 Year Ago $ 41,176 69,959 90,597 10,389 287,587 $ 499,788 $ 140,006 110,066 163,5ee $ 84,451 112,634 163,500 166,089 139,123 $ 579,661 $ 499,708 Denominator: Average total equity 2 Years Ago $ 41,634 56,056 58,547 4,626 251,437 $ 412,300 "" $ 54,968 92,941 162,500 101,891 $ 412,300 Return On Equity Return on equity 0 % 0 %

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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O PowerPoint O from Towards a O Mail - Edjouline X E Content - ACG: X * CengageNOWv. x D (58) YouTube v2 cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro. Q < * * C WouTube O Maps ANKSHEET Entries for Notes Receivable Spring Designs & Decorators issued a 120-day, 4% note for $60,000, dated April 13 to Jaffe Furniture Company on account. Assume a 360-day year when calculating LANKSHEET interest. LGO a. Determine the due date of the note. LGO b. Determine the maturity value of the note. cl. Journalize the entry to record the receipt of the note by Jaffe Furniture. c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. 24 068 s: 912 items Previous Next 回习 9 O 11:49
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