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 payableLong-term notes payableCommon stock, $10 par valueRetained earningsTotal liabilities and equityFor Year Ended December 31SalesCost of goods soldOther operating expensesInterest expenseIncome tax expenseTotal costs and expensesNet incomeCurrent Year 1 Year Ago 2 Years Ago$ 37,25689, 200112,00011,998374, 758$625, 212Earnings per share$ 157, 235118,715162,500186,762$625, 212Current Year$ 43,54962,10084,500The company’s income statements for the current year and one year ago follow. Assume that all sales arecredit:$ 495,793251,96113, 81710,56611, 432337, 395$538,976$91,998125, 204162,500159, 274$ 538,976$ 812,776772,137$ 40,639$ 2.50(4-a) Compute days' sales in inventory.(4-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.$ 44,46651, 60054,0004,941289,693$ 444,700$ 59,28799,261162, 500123, 652$ 444,7001 Year Ago$ 641,381$ 416, 898162, 26914,7529, 621< PrevM603, 540$ 37,841$ 2.33S8of 9wwwHNext >

Name: Please do not give solution in image format thanku Simon Company's yea
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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

Days sales in inventory shows the time or number of days taken by an entity to sell off its…

Business

Accounting

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 Current Year 1 Year Ago $ 37,256 89, 200 $ 43,549 62,100 112,000 11,998 374,758 $625, 212 Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 157,235 118,715 162,500 186, 762 $ 625, 212 Current Year 84,500 11,432 337,395 $ 538,976 The company’s income statements for the current year and one year ago follow. Assume that all sales are credit: $ 495,793 251, 961 13, 817 10,566 $91,998 125, 204 162,500 159, 274 $ 538,976 $ 812,776 772,137 $ 40,639 $ 2.50 2 Years Ago $ 44,466 51, 600 54,000 4,941 289, 693 $444,700 $ 59,287 99,261 162,500 123, 652 $ 444,700 (4-a) Compute days' sales in inventory. (4-b) For each ratio, determine if it improved or worsened in the current year. 1 Year Ago $ 416,898 162, 269 14,752 9,621 $641,381 603,540 $ 37,841 $ 2.33

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 Current Year 1 Year Ago $ 37,256 89, 200 $ 43,549 62,100 112,000 11,998 374,758 $625, 212 Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 157,235 118,715 162,500 186, 762 $ 625, 212 Current Year 84,500 11,432 337,395 $ 538,976 The company’s income statements for the current year and one year ago follow. Assume that all sales are credit: $ 495,793 251, 961 13, 817 10,566 $91,998 125, 204 162,500 159, 274 $ 538,976 $ 812,776 772,137 $ 40,639 $ 2.50 2 Years Ago $ 44,466 51, 600 54,000 4,941 289, 693 $444,700 $ 59,287 99,261 162,500 123, 652 $ 444,700 (4-a) Compute days' sales in inventory. (4-b) For each ratio, determine if it improved or worsened in the current year. 1 Year Ago $ 416,898 162, 269 14,752 9,621 $641,381 603,540 $ 37,841 $ 2.33

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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