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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 Long-term notes payable Common stock, $10 per value Retained earnings Total liabilities and equity Current Year $ 31,200 88,300 112,500 10,650 282,000 $ $24,650 $ 129,600 96,500 161,500 117,050 $ $24,650 Current Yeat $ 435,000 224,750 1 Year Ago $36,500 62,500 80,200 9,250 258,500 $ 446,950 11,300 9.500 $ 72,250 101,250 161,500 111,950 $446,950 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold other operating expenses $725,000 2 Years Ago $38,400 49,000 52,500 4,800 226,000 $370,700 Interest experise Income tax expense Total costs and expenses Net income Earnings por share For both the Current Year and 1 Year Ago, compute the following ratios: 680.550 $44,450 $ 3.75 $50,400 81,800 161,500 77,000 $ 370,700 A Year Ago $500,000 377,000 133,400 13,200 8,750 532,350 $ 47,650 $ 2.95

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 per value Retained earnings Total liabilities and equity Current Year $ 31,200 88,300 112,500 10,650 282,000 $ $24,650 $ 129,600 96,500 161,500 117,050 $ $24,650 Current Yeat $ 435,000 224,750 1 Year Ago $36,500 62,500 80,200 9,250 258,500 $ 446,950 11,300 9.500 $ 72,250 101,250 161,500 111,950 $446,950 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold other operating expenses $725,000 2 Years Ago $38,400 49,000 52,500 4,800 226,000 $370,700 Interest experise Income tax expense Total costs and expenses Net income Earnings por share For both the Current Year and 1 Year Ago, compute the following ratios: 680.550 $44,450 $ 3.75 $50,400 81,800 161,500 77,000 $ 370,700 A Year Ago $500,000 377,000 133,400 13,200 8,750 532,350 $ 47,650 $ 2.95

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 40E: Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for...
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ok inc rences Ac raw 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 Financial Statement Analysis Assignment Required 2A Required 20 Current Year: 1 Year Ago: The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Compute accounts receivable turnover Current Year $ 31, 200 88,300 112, 500 10,650 282,000 $ 524,650 $ 129,600 96,500 161,500 137,050 $ 524,650 Net sales $ $ Numerator: Current Year Complete this question by entering your answers in the tabs below. $ 435,000 224,750 11,300 9,500 747,314 589,724/ Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: (2-a) Compute accounts receivable turnover. (2-b) For each ratio, determine if it improved or worsened in the current year. 1 Year Ago $36,500 62,500 80, 200 9,250 258,500 $446,950 $72,250 101,250 161,500 111,950 $ 446,950 $725,000 Accounts Receivable Tumover Denominator: 680.550 $ 44,450 $1.75 Required 2A Saved Average accounts receivable, not 2 Years Ago $ 38,400 49,000 52,500 4,800 226,000 $ 370,700 $ 50,400 81,800 161,500 77,000 $ 370,700 $377,000 133,400 13,200 8,750 Required 2B > 1 Year Ago $ 580,000 532,350 $ 47,650 $2.95 Accounts Receivable Turnover Accounts receivable tumover 0 times 0 times
Transcribed Image Text:ok inc rences Ac raw 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 Financial Statement Analysis Assignment Required 2A Required 20 Current Year: 1 Year Ago: The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Compute accounts receivable turnover Current Year $ 31, 200 88,300 112, 500 10,650 282,000 $ 524,650 $ 129,600 96,500 161,500 137,050 $ 524,650 Net sales $ $ Numerator: Current Year Complete this question by entering your answers in the tabs below. $ 435,000 224,750 11,300 9,500 747,314 589,724/ Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: (2-a) Compute accounts receivable turnover. (2-b) For each ratio, determine if it improved or worsened in the current year. 1 Year Ago $36,500 62,500 80, 200 9,250 258,500 $446,950 $72,250 101,250 161,500 111,950 $ 446,950 $725,000 Accounts Receivable Tumover Denominator: 680.550 $ 44,450 $1.75 Required 2A Saved Average accounts receivable, not 2 Years Ago $ 38,400 49,000 52,500 4,800 226,000 $ 370,700 $ 50,400 81,800 161,500 77,000 $ 370,700 $377,000 133,400 13,200 8,750 Required 2B > 1 Year Ago $ 580,000 532,350 $ 47,650 $2.95 Accounts Receivable Turnover Accounts receivable tumover 0 times 0 times
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