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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 par value Retained earnings Total liabilities and equity For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year $ 32,000 89,100 112,500 10,850 282,000 $ 526,450 Interest expense Income tax expense Total costs and expenses Net income Earnings per share 1 Year Ago Current Year $36,500 63,000 $ 129,600 98,000 162,000 136,850 $ 526,450 $ 443,300 $430,050 218,550 12,200 9,400 82,600 9,200 252,000 $ 443,300 $ 75,750 98,250 162,000 107,300 The company's income statements for the Current Year and 1 Year Ago, follow. 4 $ 705,000 2 Years Ago $ 37,400 50,500 54,500 4,900 227,000 $ 374,300 670, 200 $ 34,800 $ 2.15 $ 50,200 83,200 162,000 78,900 $ 374,300 1 Year Ago $ 346,500 137,500 12,800 8,600 $ 550,000 505,400 $ 44,600 $ 2.75

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 $ 32,000 89,100 112,500 10,850 282,000 $ 526,450 Interest expense Income tax expense Total costs and expenses Net income Earnings per share 1 Year Ago Current Year $36,500 63,000 $ 129,600 98,000 162,000 136,850 $ 526,450 $ 443,300 $430,050 218,550 12,200 9,400 82,600 9,200 252,000 $ 443,300 $ 75,750 98,250 162,000 107,300 The company's income statements for the Current Year and 1 Year Ago, follow. 4 $ 705,000 2 Years Ago $ 37,400 50,500 54,500 4,900 227,000 $ 374,300 670, 200 $ 34,800 $ 2.15 $ 50,200 83,200 162,000 78,900 $ 374,300 1 Year Ago $ 346,500 137,500 12,800 8,600 $ 550,000 505,400 $ 44,600 $ 2.75

FINANCIAL ACCOUNTING
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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For both the Current Year and 1 Year Ago, compute the following ratios: Exercise 13-10 (Algo) Part 1 [Alternate Version] (1-0) Compute profit margin ratio for the current year and one year ago. (1-b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago? Complete this question by entering your answers in the tabs below. Required 1A Required 18 Compute profit margin ratio for the current year and one year ago. Profit Margin Ratio Current Year: 1 Year Ago: Numerator: 1 1 < Required 1A 4 Denominator: Required 1B > H Profit Margin Ratio Profit margin ratio 0% 0%
Transcribed Image Text:For both the Current Year and 1 Year Ago, compute the following ratios: Exercise 13-10 (Algo) Part 1 [Alternate Version] (1-0) Compute profit margin ratio for the current year and one year ago. (1-b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago? Complete this question by entering your answers in the tabs below. Required 1A Required 18 Compute profit margin ratio for the current year and one year ago. Profit Margin Ratio Current Year: 1 Year Ago: Numerator: 1 1 < Required 1A 4 Denominator: Required 1B > H Profit Margin Ratio Profit margin ratio 0% 0%
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 Current Year $ 32,000 89,100 112,500 10,850 282,000 $ 526,450 Interest expense Income tax expense Total costs and expenses Net income. Earnings per share. $ 129,600 98,000 162,000 136,850 $ 526,450 Current Year 1 Year Ago $430,050 218,550 12,200 9,400 $ 36,500 63,000 82,600 9,200 252,000 $ 443,300 $ 75,750 98,250 162,000 107,300 $ 443,300 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 $ 705,000 2 Years Ago 670,200 $ 34,800 $2.15 $ 37,400 50,500 54,500 4,900 227,000 374,300 $ 50,200 83,200 162,000 78,900 $ 374,300 1 Year Ago $ 346,500 137,500 12,800 8,600 $ 550,000 505,400 $ 44,600 $ 2.75
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 Current Year $ 32,000 89,100 112,500 10,850 282,000 $ 526,450 Interest expense Income tax expense Total costs and expenses Net income. Earnings per share. $ 129,600 98,000 162,000 136,850 $ 526,450 Current Year 1 Year Ago $430,050 218,550 12,200 9,400 $ 36,500 63,000 82,600 9,200 252,000 $ 443,300 $ 75,750 98,250 162,000 107,300 $ 443,300 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 $ 705,000 2 Years Ago 670,200 $ 34,800 $2.15 $ 37,400 50,500 54,500 4,900 227,000 374,300 $ 50,200 83,200 162,000 78,900 $ 374,300 1 Year Ago $ 346,500 137,500 12,800 8,600 $ 550,000 505,400 $ 44,600 $ 2.75
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