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[ine 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 not es payable Common stock, $10 par value Retained earnings Total liabilities and equity Req 1 Req 2 and 3 For both the current year and one year ago, compute the following ratios: Assets Cash Current Year Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets $ 25,417 73,665 93,566 8,352 238,583 $ 439,582 Complete this question by entering your answers in the tabs below. SIMON COMPANY Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par $ 108,361 81,815 162,500 86,906 $ 439,582 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 as favourable or unfavourable? 3. Assuming annual sales have not changed in the last three years, Is the change in merchandise Inventory as a percentage of total assets favourable or unfavourable? Common-Size Comparative Balance Sheets December 31 Current Year % % Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentage answers to 1 decimal place.) 1 Year Ago $ 39,922 51,461 71,508 7,799 217,269 $378,959 $ 65,964 89,773 163,500 59,713 $ 378,950 %6 % 1 Year Ago 2 Years Ago %6 2 Years Ago $ 39,937 41,685 44,493 3,449 199,935 $ 389,699 $ 49,459 69,196 162,500 37,535 $ 389,699 %

[ine 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 not es payable Common stock, $10 par value Retained earnings Total liabilities and equity Req 1 Req 2 and 3 For both the current year and one year ago, compute the following ratios: Assets Cash Current Year Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets $ 25,417 73,665 93,566 8,352 238,583 $ 439,582 Complete this question by entering your answers in the tabs below. SIMON COMPANY Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par $ 108,361 81,815 162,500 86,906 $ 439,582 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 as favourable or unfavourable? 3. Assuming annual sales have not changed in the last three years, Is the change in merchandise Inventory as a percentage of total assets favourable or unfavourable? Common-Size Comparative Balance Sheets December 31 Current Year % % Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentage answers to 1 decimal place.) 1 Year Ago $ 39,922 51,461 71,508 7,799 217,269 $378,959 $ 65,964 89,773 163,500 59,713 $ 378,950 %6 % 1 Year Ago 2 Years Ago %6 2 Years Ago $ 39,937 41,685 44,493 3,449 199,935 $ 389,699 $ 49,459 69,196 162,500 37,535 $ 389,699 %

FINANCIAL ACCOUNTING
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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[ine rollowing 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, $19 par value Retained earnings Total liabilities and equit y Req 1 Req 2 and 3 For both the current year and one year ago, compute the following ratios: Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Current Year Complete this question by entering your answers in the tabs below. SIMON COMPANY Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par $ 25,417 73,665 93,566 8,352 238,583 $ 439,582 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 favourable or unfavourable? $ 108,361 81,815 162,500 86,906 $439,582 3. Assuming annual sales have not changed in the last three years, Is the change in merchandise Inventory as a percentage of total assets favourable or unfavourable? Common-Size Comparative Balance Sheets December 31 Current Year % % Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentage answers to 1 decimal place.) #5 1 Year Ago $ 39,922 51,461 71,598 7,799 217,269 $ 378,959 $ 65,964 89,773 163,599 59,713 $ 378,950 % 95 1 Year Ago 2 Years Ago 2 Years Ago %6 $ 39,037 41,685 44,493 3,449 190,935 $ 399,699 % $ 49,459 69,196 162,599 37,535 $ 388,600 %
Transcribed Image Text:[ine rollowing 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, $19 par value Retained earnings Total liabilities and equit y Req 1 Req 2 and 3 For both the current year and one year ago, compute the following ratios: Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Current Year Complete this question by entering your answers in the tabs below. SIMON COMPANY Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par $ 25,417 73,665 93,566 8,352 238,583 $ 439,582 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 favourable or unfavourable? $ 108,361 81,815 162,500 86,906 $439,582 3. Assuming annual sales have not changed in the last three years, Is the change in merchandise Inventory as a percentage of total assets favourable or unfavourable? Common-Size Comparative Balance Sheets December 31 Current Year % % Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentage answers to 1 decimal place.) #5 1 Year Ago $ 39,922 51,461 71,598 7,799 217,269 $ 378,959 $ 65,964 89,773 163,599 59,713 $ 378,950 % 95 1 Year Ago 2 Years Ago 2 Years Ago %6 $ 39,037 41,685 44,493 3,449 190,935 $ 399,699 % $ 49,459 69,196 162,599 37,535 $ 388,600 %
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