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 For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share. Current Year Required 2A Required 28 Compute accounts receivable turnover. $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 Current Year 1 Year Ago $ 129,900 98,500 163,500 131,100 $ 523,000 Numerator: The company's income statements for the current year and one year ago follow. Assume that all sales are on cre Current Year $ 411,225 209,550 1 Year Ago 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 $ 673,500 (2-a) Compute accounts receivable turnover. (2-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. 642,400 $ 31,100 $ 1.90 2 Years Ago $ 37,800 50,200 54,000 5,000 230,500 $ 377,500 Accounts Receivable Turnover Denominator: $ 51,250 83,500 163,500 79,250 $ 377,500 $ 345,500 134,980 13,300 8,845 1 Year Ago $ 532,000 502,625 $ 29,375 $ 1.80 W Accounts Receivable Turnover Accounts receivable turnover times times
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 For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share. Current Year Required 2A Required 28 Compute accounts receivable turnover. $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 Current Year 1 Year Ago $ 129,900 98,500 163,500 131,100 $ 523,000 Numerator: The company's income statements for the current year and one year ago follow. Assume that all sales are on cre Current Year $ 411,225 209,550 1 Year Ago 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 $ 673,500 (2-a) Compute accounts receivable turnover. (2-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. 642,400 $ 31,100 $ 1.90 2 Years Ago $ 37,800 50,200 54,000 5,000 230,500 $ 377,500 Accounts Receivable Turnover Denominator: $ 51,250 83,500 163,500 79,250 $ 377,500 $ 345,500 134,980 13,300 8,845 1 Year Ago $ 532,000 502,625 $ 29,375 $ 1.80 W Accounts Receivable Turnover Accounts receivable turnover times times
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Herchandise inventory
Prepaid expenses
plant assets, net
Total assets
Liabilities and Equity
Accounts payable
Long-ters notes payable
Common stock, $10 par value
Retained earnings
Total liabilities and equity
Interest expense
Income tax expense
Total costs and expenses
Net income
Earnings per share
Current Year
$31,800
89.500
112,500
10.700
228,500
$523.000
$129,900
98,500
163 500
131,300
$ 523,000
Required 2A Required 28
urrent
$431 225
200.550
42,10
21.525
1 Year Ago
$ 35,625
62,500
The company's income statements for the current year and one year ago follow. Assume that all sales are on credit
For Year Ended December 31
Sales
Cost of goods sold
Other operating expenses
82,500
9,375
255,000
$445,000
$25,250
201.500
163,5ee
104,75e
$445,000
< Required 2A
$675,500
6422400
$32.200
52.
(2-a) Compute accounts receivable turnover
(2-b) For each ratio, determine if it improved or worsened in the current year.
Complete this question by entering your answers in the tabs below.
For each ratio, determine if it improved or worsened in the current year
Accounts receivable turnover.
2 Years Ago
$ 37,880
50,200
54,900
5,000
238,500
$ 377,500
$ $3,250
83,500
163,500
79,250
$ 377,500
$345.500
134,988
13,300
8, N45
1 Year Ago.
Reganned 23>:
$ 532,000
582,625
$ 29,375
$ 1.80
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Transcribed Image Text: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
Herchandise inventory
Prepaid expenses
plant assets, net
Total assets
Liabilities and Equity
Accounts payable
Long-ters notes payable
Common stock, $10 par value
Retained earnings
Total liabilities and equity
Interest expense
Income tax expense
Total costs and expenses
Net income
Earnings per share
Current Year
$31,800
89.500
112,500
10.700
228,500
$523.000
$129,900
98,500
163 500
131,300
$ 523,000
Required 2A Required 28
urrent
$431 225
200.550
42,10
21.525
1 Year Ago
$ 35,625
62,500
The company's income statements for the current year and one year ago follow. Assume that all sales are on credit
For Year Ended December 31
Sales
Cost of goods sold
Other operating expenses
82,500
9,375
255,000
$445,000
$25,250
201.500
163,5ee
104,75e
$445,000
< Required 2A
$675,500
6422400
$32.200
52.
(2-a) Compute accounts receivable turnover
(2-b) For each ratio, determine if it improved or worsened in the current year.
Complete this question by entering your answers in the tabs below.
For each ratio, determine if it improved or worsened in the current year
Accounts receivable turnover.
2 Years Ago
$ 37,880
50,200
54,900
5,000
238,500
$ 377,500
$ $3,250
83,500
163,500
79,250
$ 377,500
$345.500
134,988
13,300
8, N45
1 Year Ago.
Reganned 23>:
$ 532,000
582,625
$ 29,375
$ 1.80
< Prev
Transcribed Image Text: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
For Year Ended December 31
Sales
Cost of goods sold
Other operating expenses
Interest expense.
Income tax expense
Total costs and expenses
Net income
Earnings per share
Required 2A Required 28
Current Year
Compute accounts receivable turnover.
$ 31,800
89,500
112,500
10,700
278,500
$ 523,000
Current Year
1 Year Ago:
$ 129,900
98,500
163,500
131,100
$ 523,000
Numerator:
Current Year
The company's income statements for the current year and one year ago follow. Assume that all sales are on credit
$ 411,225
209,550
1 Year Ago
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
(2-a) Compute accounts receivable turnover.
(2-b) For each ratio, determine if it improved or worsened in the current year.
Complete this question by entering your answers in the tabs below.
$ 673,500
642, 408
$ 31,100
$ 1.90
2 Years Ago:
$ 37,800
50,200
Accounts Receivable Turnover
Denominator:
54,000
5,000
230,500
$ 377,500
$ 51,250
83,500
163,500
79,250
$ 377,500
$ 345,500
134,980
13,300
8,845
1 Year Ago:
.
$ 532,000
582,625
$ 29,375
$ 1.80
Accounts Receivable Turnover
Accounts receivable turnover
times
times
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