apter 13 Homework i3rt 1 of 6ntseBookPrintnReferencesMcGrawHill!Required information[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 assetsReg 1Liabilities 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:Req 2 and 3AssetsCashAccounts receivable, netMerchandise inventoryComplete this question by entering your answers in the tabs below.SIMON COMPANYCommon-Size Comparative Balance SheetsDecember 31Prepaid expensesPlant assets, netMomTotal assetsLiabilities and EquityAccounts payableLong-term notes payableCommon stock, $10 parRetained earningsTotal liabilities and equityMcGraw-Hill ConnectCurrent YearCurrent Year 1 Year Ago$ 31,56792,389113,90610,066276,621$ 524,5491. 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 totalassets 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 totalassets favorable or unfavorable?%%$ 128,00097,629162,500136,420$ 524,549%Reg1Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentageanswers to 1 decimal place.)1 Year Ago$ 35,45262,675%86,1669,781258, 123$ 452,197%%$ 76,421107, 125162,500106, 151$ 452,197%2 Years Ago2 Years Ago%$ 36,93749,24952,9804,063229,871$ 373,100Req 2 and 3>$ 48,26480,806162,50081,530$ 373,100< Prev3 435Saved8of 3Part 1 of 6-5pointseBookCPrintReferencesMcGrawHillRequired information[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 assetsLiabilities and EquityAccounts payableLong-term notes payableCommon stock, $10 par valueRetained earningsTotal liabilities and equityFor both the current year and one year ago, compute the following ratios:Reg 1Current Year 1 Year Ago 2 Years Ago$ 35,45262,675$ 31,56792,389113,90610,066276,62186,1669,781258, 123$452, 197$ 524,549Req 2 and 3Complete this question by entering your answers in the tabs below.$ 128,00097,629162,500136,420$ 524,5491. 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 totalassets 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 totalassets favorable or unfavorable?$ 76,421107, 125162,500106, 151$ 452,1972. Change in accounts receivable3. Change in merchandise inventory< Req 1$ 36,93749,24952,9804,063229,871$ 373,1002. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage oftotal assets favorable or unfavorable?$ 48,26480,806162,50081,530$ 373,1003. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage oftotal assets favorable or unfavorable?ATShow less A< Prev3O4 5***

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? Complete this question by entering your answers in the

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? Complete this question by entering your answers in the

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5.6APR: Single-step income statement and balance sheet Selected accounts and related amounts for Clairemont...

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Problem 13-02A (Video) The comparative statements of Cullumber Company are presented here: Cullumber CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Net sales $1,891,640 $1,751,600 Cost of goods sold 1,059,640 1,007,100 Gross profit 832,000 744,500 Selling and administrative expenses 501,100 480,100 Income from operations 330,900 264,400 Other expenses and losses Interest expense 23,700 21,700 Income before income taxes 307,200 242,700 Income tax expense 93,700 74,700 Net income $213,500 $168,000 Cullumber CompanyBalance SheetsDecember 31 Assets 2020 2019 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 118,900 103,900 Inventory 127,700 117,200 Total current assets 380,700 335,300 Plant assets (net)…
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