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 Current Year $ 26,076 76,346 94,052 8,569 245,937 $ 450,980 1 Year Ago $ 113,417 83,936 162,500 91,127 $ 450,980 $ 30,480 53,884 74,081 8,246 222,085 $ 388,776 Liabilities and Equity Accounts payable Long-tere notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios $ 65,703 88,524 162,500 72,049 $ 388,776 2 Years Ago $ 34,058 44,529 47,428 3,711 204,274 $ 334,000 $ 43,206 73,814 162,500 54,480 $ 334,000 Exercise 13-6 (Algo) Common-size percents LO P2 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 as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise Inventory as a percentage of total 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 Current Year $ 26,076 76,346 94,052 8,569 245,937 $ 450,980 1 Year Ago $ 113,417 83,936 162,500 91,127 $ 450,980 $ 30,480 53,884 74,081 8,246 222,085 $ 388,776 Liabilities and Equity Accounts payable Long-tere notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios $ 65,703 88,524 162,500 72,049 $ 388,776 2 Years Ago $ 34,058 44,529 47,428 3,711 204,274 $ 334,000 $ 43,206 73,814 162,500 54,480 $ 334,000 Exercise 13-6 (Algo) Common-size percents LO P2 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 as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise Inventory as a percentage of total assets favorable or unfavorable?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
DO NOT GIVE ANSWER IN IMAGE FORMAT
![Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percenta
answers to 1 decimal place.)
Assets
Cash
Accounts receivable, net
Merchandise inventory
Prepaid expenses
Plant assets, net
Total assets
Common-Size Comparative Balance Sheets
December 31
SIMON COMPANY
Liabilities and Equity
Accounts payable
Long-term notes payable
Common stock, $10 par
Retained earnings
Total liabilities and equity
Current Year
%
%
1 Year Ago 2 Years Ago
%
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7cdeda0-e51d-40f1-9e69-3ed0a65ba448%2F83505de8-1e26-4ae5-9182-9620b7c220eb%2F48r91tp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percenta
answers to 1 decimal place.)
Assets
Cash
Accounts receivable, net
Merchandise inventory
Prepaid expenses
Plant assets, net
Total assets
Common-Size Comparative Balance Sheets
December 31
SIMON COMPANY
Liabilities and Equity
Accounts payable
Long-term notes payable
Common stock, $10 par
Retained earnings
Total liabilities and equity
Current Year
%
%
1 Year Ago 2 Years Ago
%
%
![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
Current Year
$ 26,076
76,346
94,052
8,569
245,937
$ 450,980
$ 113,417
83,936
162,500
91,127
$ 450,980
1 Year Ago
Liabilities and Equity
Accounts payable
Long-tere notes payable
Common stock, $10 par value
Retained earnings
Total liabilities and equity
For both the current year and one year ago, compute the following ratios:
$ 30,480
53,884
74,081
8,246
222,085
$ 388,776
TAL
$ 65,703
88,524
162,500
72,049
$ 388,776
2 Years Ago
$ 34,058
44,529
47,428
3,711
204,274
$ 334,000
$ 43,206
73,814
162,500
54,480
$ 334,000
Exercise 13-6 (Algo) Common-size percents LO P2
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 as a percentage of total
assets favorable or unfavorable?
3. Assuming annual sales have not changed in the last three years, is the change in merchandise Inventory as a percentage of total
assets favorable or unfavorable?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7cdeda0-e51d-40f1-9e69-3ed0a65ba448%2F83505de8-1e26-4ae5-9182-9620b7c220eb%2Fwccfrm_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
Current Year
$ 26,076
76,346
94,052
8,569
245,937
$ 450,980
$ 113,417
83,936
162,500
91,127
$ 450,980
1 Year Ago
Liabilities and Equity
Accounts payable
Long-tere notes payable
Common stock, $10 par value
Retained earnings
Total liabilities and equity
For both the current year and one year ago, compute the following ratios:
$ 30,480
53,884
74,081
8,246
222,085
$ 388,776
TAL
$ 65,703
88,524
162,500
72,049
$ 388,776
2 Years Ago
$ 34,058
44,529
47,428
3,711
204,274
$ 334,000
$ 43,206
73,814
162,500
54,480
$ 334,000
Exercise 13-6 (Algo) Common-size percents LO P2
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 as a percentage of total
assets favorable or unfavorable?
3. Assuming annual sales have not changed in the last three years, is the change in merchandise Inventory as a percentage of total
assets favorable or unfavorable?
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