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, $10 par valueRetained earningsTotal liabilities and equityFor Year Ended December 31SalesCost of goods soldOther operating expensesCurrent Year$ 34,08989,700113,50010,978335,350$ 583,617Interest expenseIncome tax expenseTotal costs and expensesNet incomeEarnings per share$ 143,867108,623$ 84,177114,560162,500162,500168,627141,881$ 583,617 $ 503,1181 Year Ago$ 39,84762,80083,00010, 460307,011$ 503,118Current YearThe company’s income statements for the current year and one year ago follow. Assume that all sales are oncredit:$ 462,808235, 19812,8989,863$758,702720,767$ 37,935$ 2.332 Years Ago$ 41,50750, 10060,0004,612267,281$ 423,500$ 55,34392,658(4-a) Compute days' sales in inventory.(4-b) For each ratio, determine if it improved or worsened in the current year.162,500112,999$ 423,5001 Year Ago$ 389,162151,47413,7708,981$ 598,710563,387$ 35,323$ 2.17

Name: Please do not give solution in image format thanku Simon Company's yea
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
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 = Ending inventory / Cost of goods sold * 365

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 Interest expense Income tax expense Total costs and expenses Net income Current Year $ 34,089 89,700 113,500 10,978 335,350 $ 583,617 Earnings per share $ 143,867 108,623 162,500 168,627 $ 583,617 Current Year 1 Year Ago $ 39,847 62,800 83,000 10,460 307,011 $ 503,118 The company’s income statements for the current year and one year ago follow. Assume that all sales are on credit: $ 462,808 235, 198 12,898 9,863 $ 84,177 114,560 162,500 141,881 $ 503,118 $ 758,702 720,767 $ 37,935 $ 2.33 2 Years Ago $ 41,507 50, 100 60,000 4,612 267,281 $ 423,500 (4-a) Compute days' sales in inventory. (4-b) For each ratio, determine if it improved or worsened in the current year, $ 55,343 92,658 162,500 112,999 $ 423,500 1 Year Ago $ 389,162 151,474 13,770 8,981 $ 598,710 563,387 $ 35,323 $ 2.17