Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] 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 $ 26,536 73,177 92,006 8,463 236,486 $ 436,668 $ 110,905 83,735 163,500 78,528 $ 436,668 1 Year Ago Exercise 13-6 (Algo) Common-size percents LO P2 $ 30,416 52,701 71,730 8,063 213,528 $ 376,438 $ 64,254 86,581 163,500 62,103 $376,438 For both the current year and one year ago, compute the following ratios: 2 Years Ago $ 32,337 42,689 45,004 3,629 199,741 $ 323,400 $ 43,543 70,757 163,500 45,600 $ 323,400 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise invento assets favorable or unfavorable?

Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] 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 $ 26,536 73,177 92,006 8,463 236,486 $ 436,668 $ 110,905 83,735 163,500 78,528 $ 436,668 1 Year Ago Exercise 13-6 (Algo) Common-size percents LO P2 $ 30,416 52,701 71,730 8,063 213,528 $ 376,438 $ 64,254 86,581 163,500 62,103 $376,438 For both the current year and one year ago, compute the following ratios: 2 Years Ago $ 32,337 42,689 45,004 3,629 199,741 $ 323,400 $ 43,543 70,757 163,500 45,600 $ 323,400 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise invento assets favorable or unfavorable?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following items are reported on a company's balance sheet: $212,700 90,200 252,800 196,700 278,400 Cash Marketable securities Accounts receivable Inventory Accounts payable Determine the (a) current ratio, and (b) quick ratio. Round your answers to one decimal place. a. Current ratio b. Quick ratio
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 $31,800 89,500 112,500 10,700 278,500 $523,000 $129,900 98,500 163,500 131,100 $523,000 1 Year Ago $35,625 62,500 82,500 9,375 255,000 $445,000 $75,250 101,500 2 Years Ago $37,800 50,200 54,000 5,000 230,500 $377,500 $51,250 83,500 163,500 163,500 104,750 79,250 $445,000 $377,500 Required: 1. Express the balance sheets in common-size percents. (Use cells A4 to D17 from the given information to complete this question.)
Ratio Analysis Presented below are summary financial data from Porter's annual report: Amounts in millions Balance Sheet Cash and Cash Equivalents Marketable Securities Accounts Receivable (net) Total Current Assets Total Assets Current Liabilities Long-Term Debt- Shareholders' Equity Income Statement Interest Expense Net Income Before Taxes b. Quick ratio $1,850 19,100 9,367 39,088 123,078 38,450 7,279 68,278 Calculate the following ratios: (Round to 2 decimal points) a. Times-interest-earned ratio c. Current ratio 400 14,007
REQUIRED: Compute for financial ratios?
Prepare a vertical analysis for the balance sheet data given below. (Round to two decimal places.) Petals, Inc. Balance Sheet December 31, 2019 Assets Current Assets: Cash and Cash Equivalents $10,000 Accounts Receivable, Net 15,600 Merchandise Inventory 38,000 Total Current Assets 63,600 Long-term Investments 15,000 Property, Plant, and Equipment, Net 195,000 Total Assets $273,600 Liabilities Current Liabilities: Accounts Payable $8,500 Notes Payable…
Take a look at this balance sheet and income statement: Balance Sheet (all numbers are in $ millions unless stated otherwise) Current Assets Current Liabilities Cash 98 Accounts Payable 344 A/C Receivable 188 Notes Payable 196 Inventory 422 Total 708 Total 540 Fixed Assets Long-Term Liabilities Net PPE 2880 Long-Term Debt 457 Common Stock and Paid-In Surplus 550 Retained Earnings 2041 Total Assets 3588 Total Liabilities + Net Worth 3588 Income Statement (all numbers are in $ million unless stated otherwise) Sales…
Complete the balance sheet and sales information using the following financial data: Balance sheet Cash ________ Current liabilities _________ Accounts Receivable ________ Long-term debt 120,000 Inventories ________ Common stock _________ Total assets $600,000 Retained earnings 195,000 Total liabilities and equity _________ Sales ________ Cost of good sold ____40%sales__ Current ratio: 2.o X…
Do all parts, I will give ratings
N1. Account Calculate the following ratios for Lake of Egypt Marina, Inc. as of year-end 2021. (Use sales when computing the inventory turnover and use total stockholders' equity when computing the equity multiplier. Round your answers to 2 decimal places. Use 365 days a year.)
Current position analysis the following data were taken from the balance sheet of Nilo company at the end of the two recent Fisher years; Current assets: Cash Marketable securities Account and note receivable (net) Inventories Prepaid expenses Total Current assets Current liabilities Account and notes payable ( short-term) Accrued liabilities Total Current liabilities Current year $417,000 cash 483,100 Marketable securities 197,700 acct not receivable ( net) 845,500 inventory 435,500 prepaid 2,379,000 Total Current assets Previous year $339,200 cash 381,600 Marketable securities 127,200 access note receivable ( net) 614,300 inventory 392,700 prepaid expenses 1,855,000 Total Current assets Current year Current liabilities Short term $353,800 Accrued liabilities 256,200 Total Current liabilities $610,000 Previous year Short term $371,000 Accrued liabilities 159,000 Total Current liabilities $530,000 A. Determine for each year 1 capital, 2 the current ratio,…
Ratio Analysis Presented below are summary financial data from Pompeo’s annual report: Amounts in millions Balance sheet Cash and cash equivalents $2,712 Marketable securities 27,128 Accounts receivable (net) 14,051 Total current assets 58,632 Total assets 184,617 Current liabilities 66,017 Long-term debt 12,738 Shareholders’ equity 119,487 Income Statement Interest expense 539 Net income before taxes 24,512 Calculate the following ratios: (round to two decimal places) a. Times-interest-earned ratio b. Quick ratio c. Current ratio
Use the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $35,479 Accounts receivable 69,658 Accrued liabilities 6,342 Cash 21,866 Intangible assets 40,636 Inventory 81,299 Long-term investments 116,464 Long-term liabilities 78,760 Marketable securities 34,728 Notes payable (short-term) 21,173 Property, plant, and equipment 607,986 Prepaid expenses 2,827 Based on the data for Harding Company, what is the amount of quick assets? a.$56,594 b.$126,252 c.$1,510,965 d.$745,879