Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets $ 25,199 $ 29,455 $ 31,315 62,900 83,000 7,732 196,493 $ 379,580 $ 326,100 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 89,800 113,500 8,115 203,699 $ 440,313 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 $ 106,349 80, 295 162,500 91,169 $ 440,313 $ 62,225 $ 41,754 84,684 69,906 162,500 162,500 70,171 51,940 $ 379,580 $ 326,100 Total liabilities and equity The company's income statements for the current year and one year ago follow. Assume that all sales are 1 Yr Ago $ 451,700 For Year Ended December 31 Current Yr $ 572,407 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 6,776 425,050 $ 26,650 543,786 Net income 28,621

Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets $ 25,199 $ 29,455 $ 31,315 62,900 83,000 7,732 196,493 $ 379,580 $ 326,100 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 89,800 113,500 8,115 203,699 $ 440,313 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 $ 106,349 80, 295 162,500 91,169 $ 440,313 $ 62,225 $ 41,754 84,684 69,906 162,500 162,500 70,171 51,940 $ 379,580 $ 326,100 Total liabilities and equity The company's income statements for the current year and one year ago follow. Assume that all sales are 1 Yr Ago $ 451,700 For Year Ended December 31 Current Yr $ 572,407 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 6,776 425,050 $ 26,650 543,786 Net income 28,621

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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