Use the following information for the Exercises below. (Static)[The following information applies to the questions displayed below.]Simon Company's year-end balance sheets follow.At December 31AssetsCashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, netTotal assetsCurrent Year$ 31,80089, 500112, 50010, 700278,500$523,000$ 129,90098,500163,500131, 1001 Year Ago$ 35,62562,50082,5009,375255,000$ 445,000PrevLiabilities and EquityAccounts payableLong-term notes payableCommon stock, $10 par valueRetained earningsTotal liabilities and equityFor both the current year and one year ago, compute the following ratios:$ 75,250101, 500163,500104, 7502 Years Ago$ 37,80050, 20054,0005,000230, 500$ 377,500$ 51,25083,500163,50079, 250$ 523,000 $ 445,000 $ 377,5001 2 ofNext > art 1 of 2ntsWSalesCost of goods soldOther operating expensesInterest expenseIncome tax expenseTotal costs and expensesNet incomeEarnings per share$ 411, 225209,55012, 1009,525$ 673,500244642,400$31, 100$ 1.90$ 345,500134,98013,3008,845(1-a) Compute days' sales uncollected.(1-b) Determine if days' sales uncollected improved or worsened in the current year.Prev(2-a) Compute accounts receivable turnover.(2-b) Determine if accounts receivable turnover ratio improved or worsened in the current year.(3-a) Compute inventory turnover.(3-b) Determine if inventory turnover ratio improved or worsened in the current year.(4-a) Compute days' sales in inventory.1 2$ 532,000of 9502,625$ 29,375$ 1.80Mwww---Next >

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Use the following Information for the Exercises below. (Static) [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 $ 31,800 89, 500 112, 500 10, 700 278,500 $ 523,000 $ 129,900 98,500 1 Year Ago 2 Years Ago 163, 500 131, 100 $ 523,000 $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 Liabilities and Equity Accounts payable Long-term 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: $ 37,800 50, 200 54,000 5,000 230, 500 $ 377,500 $ 75,250 101, 500 163,500 104, 750 $ 51,250 83,500 163,500 79, 250 $ 445,000 $ 377,500

Use the following Information for the Exercises below. (Static) [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 $ 31,800 89, 500 112, 500 10, 700 278,500 $ 523,000 $ 129,900 98,500 1 Year Ago 2 Years Ago 163, 500 131, 100 $ 523,000 $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 Liabilities and Equity Accounts payable Long-term 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: $ 37,800 50, 200 54,000 5,000 230, 500 $ 377,500 $ 75,250 101, 500 163,500 104, 750 $ 51,250 83,500 163,500 79, 250 $ 445,000 $ 377,500

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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