Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets $ 29,455 $ 31,315 62,900 83,000 7,732 196,493 $ 440,313 $ 379,580 $ 326,100 $ 25,199 89,800 113,500 8,115 203,699 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 50, 200 56,000 3,479 185,106 Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings $ 62,225 $ 41,754 84,684 162,500 70,171 $ 440,313 $ 379,580 $ 326,100 $ 106,349 80, 295 162,500 91,169 69,906 162,500 51,940 Total liabilities and equity The company's income statements for the current year and one year ago follow. Assume that all sales For Year Ended December 31 Current Yr $ 572,407 1 Yr Ago $ 451,700 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses $ 349,168 177,446 9,731 7,441 $ 293,605 114, 280 10,389 6,776 543,786 $ 28,621 425,050 $ 26,650 Net income

Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets $ 29,455 $ 31,315 62,900 83,000 7,732 196,493 $ 440,313 $ 379,580 $ 326,100 $ 25,199 89,800 113,500 8,115 203,699 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 50, 200 56,000 3,479 185,106 Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings $ 62,225 $ 41,754 84,684 162,500 70,171 $ 440,313 $ 379,580 $ 326,100 $ 106,349 80, 295 162,500 91,169 69,906 162,500 51,940 Total liabilities and equity The company's income statements for the current year and one year ago follow. Assume that all sales For Year Ended December 31 Current Yr $ 572,407 1 Yr Ago $ 451,700 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses $ 349,168 177,446 9,731 7,441 $ 293,605 114, 280 10,389 6,776 543,786 $ 28,621 425,050 $ 26,650 Net income

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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