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 >

“Since you have posted multiple questions, we will provide the solutiononly to the first question as…

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

See similar textbooks

Similar questions

Prepare a balance sheet and income statement as of December 31, 2003, for Belmond, Inc., from the following information. Inventory $6,500.00 General and administrative expenses $850.00 Common Stock $45,000.00 Cash $16,550.0 Operating Expenses $1350.00 Notes Payable $600.00 Interest Expense $900.00 Depreciation Expense…
See attached picture
What is the unit product cost under variable costing?
nces Blooming Flower Company was started in Year 1 when it acquired $60,500 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Income Statements Required: Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Complete this question by entering your answers in the tabs below. Balance Sheets Assets Cash Merchandise inventory Prepare a balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Total assets Liabilities Stockholders' equity Common stock Retained earnings Year 1 $ 22,200 26,400 12,500…
A condensed balance sheet for Simultech Corporation and a partially completed vertical analysis are presented below. Complete the vertical analysis by computing each missing line item as a percentage of total assets. (Round your answers to the nearest whole percent.) SIMULTECH CORPORATION Balance Sheet (summarized) January 31 (in millions of U.S. dollars) Cash $433 29 % Current Liabilities $409 27 % Accounts Receivable 294 19 Long-term Liabilities 495 33 Inventory 206 14 Total Liabilities 904 Other Current Assets 109 Common Stock 118 Property and Equipment 27 2 Retained Earnings 492 32 Other Assets 445 29 Total Stockholders’ Equity 610 Total Assets $1,514 100 % Total Liabilities & Stockholders’ Equity $1,514 100 % 2A. What percentage of Simultech’s total assets relate to inventory? (Round your answer to the nearest whole percent.) 2B. What percentage of Simultech’s total assets relate to property…
The following information applies to the questions displayed below.]Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash $ 32,700 $ 37,849 $ 37,130 Accounts receivable, net 94,775 65,580 51,527 Merchandise inventory 120,330 86,659 53,800 Prepaid expenses 10,118 10,034 4,252 Plant assets, net 285,450 268,303 235,991 Total assets $ 543,373 $ 468,425 $ 382,700 Liabilities and Equity Accounts payable $ 138,006 $ 78,372 $ 51,022 Long-term notes payable 100,111 107,738 83,731 Common stock, $10 par value 163,500 163,500 162,500 Retained earnings 141,756 118,815 85,447 Total liabilities and equity $ 543,373 $ 468,425 $ 382,700 The company’s income statements for the current year and 1 year ago, follow. For Year Ended December 31 Current Year 1 Year Ago Sales $ 706,385 $ 557,426 Cost of goods sold $ 430,895 $ 362,327 Other operating expenses 218,979 141,029 Interest…
Please help me
Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash $ 29,484 $ 34,808 $ 35,907 Accounts receivable, net 84,598 59,105 49,830 Merchandise inventory 104,217 80,494 51,503 Prepaid expenses 9,590 8,775 4,071 Plant assets, net 271,834 247,614 228,789 Total assets $ 499,723 $ 430,796 $ 370,100 Liabilities and Equity Accounts payable $ 124,431 $ 73,533 $ 50,319 Long-term notes payable 94,887 100,074 81,792 Common stock, $10 par value 162,500 162,500 162,500 Retained earnings 117,905 94,689 75,489 Total liabilities and equity $ 499,723 $ 430,796 $ 370,100 For both the current year and one year ago, compute the following ratios: 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…
1
Please do not give solution in image format thanku
Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets $ 31,600 88,000 112,500 10,650 281,000 $523,750 $ 36,250 $ 38,400 62,000 83,800 9,350 249,500 $440,900 $ 379,900 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 49,500 52,500 4,500 235,000 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $128,400 $ 74,750 $ 50,800 97,000 160,500 137,850 98,250 160,500 107,400 81,600 160,500 87,000 Total liabilities and equity $523,750 $440,900 $ 379,900 ces The company's income statements for the Current Year and 1 Year Ago, follow. 1 Yr Ago For Year Ended December 31 Sales Current Yr $755,000 $ 620,000 Cost of goods sold other operating expenses Interest expense $445,450 234,050 11,300 9,550 $390,600 148,800 12,700 8,925 Income tax expense Total costs and expenses 700,350 561,025 Net income $ 54,650 $…
WCS Inc. owns some common stock of Palmer Inc. and it just received $1,800 of dividend. If WCS Inc. is subject to a tax rate of 21%, what is the tax on this investment income? A. $148 OB. $164 OC. $189 OD. $226 OE. $282 OF. $324 G. $378 H. None of the above