Please do not give solution in image format thanku Simon Company's year-end balance sheets follow.At December 31AssetsCashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, netTotal assetsLiabilities and EquityAccounts payableCurrent RatioCurrent YearCurrent Year:$ 28,4791 Year Ago:2 Years Ago:83,373105,8759,449260,388$ 487,564$ 123,8321 Year Ago 2 Years Ago$ 33,625158,84480,09118,827238,927$ 420,314$ 69,612• Required 1A• Required 1B• Required 2A• Required 2BCompute the current ratio for each of the three years.98,606Long-term notes payable 88,912Common stock, $10 par value 163,500Retained earnings111,320Total liabilities and equity $ 487,564$ 420,314For both the current year and one year ago, compute the following ratios:(1-a) Compute the current ratio for each of the three years.(1-b) Did the current ratio improve or worsen over the three-year period?(2-a) Compute the acid-test ratio for each of the three years.(2-b) Did the acid-test ratio improve or worsen over the three-year period?Complete this question by entering your answers in the tabs below.162,50089,596Numerator: 1 Denominator:==$ 34,326=45,768=49,7374,009219,960$ 353,800$ 46,70278,972163,50064,626= Current ratio$ 353,800Current Ratioto 1to 1to 1

Name: Please do not give solution in image format thanku Simon Company's yea
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Please do not give solution in image format thanku Simon Company's year-end balance sheets follow.At December 31AssetsCashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, netTotal assetsLiabilities and EquityAccounts payable

Current and acid-test ratios are those which are determined to know the liquidity position of the…

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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 Current Year $ 28,479 • Required 1A • Required 1B • Required 2A • Required 2B 83,373 105,875 9,449 260,388 $ 487,564 $ 123,832 1 Year Ago 2 Years Ago 111,320 $ 33,625 58,844 80,091 8,827 238,927 $ 420,314 $ 69,612 98,606 162,500 $ 34,326 89,596 45,768 49,737 4,009 Long-term notes payable 88,912 Common stock, $10 par value 163,500 Retained earnings 64,626 Total liabilities and equity $ 487,564 $ 420,314 $ 353,800 For both the current year and one year ago, compute the following ratios: (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three-year period? (2-a) Compute the acid-test ratio for each of the three years. 219,960 $ 353,800 $ 46,702 78,972 163,500 (2-b) Did the acid-test ratio improve or worsen over the three-year period? Complete this question by entering your answers in the tabs below.