SIMON COMPANYCommon-Size Comparative Balance SheetsDecember 31Current Year1 Year Ago 2 Years AgoAssetsCash%Accounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, netTotal assets%Liabilities and EquityAccounts payable%%%Long-term notes payable secured bymortgages on plant assetsCommon stock, $10 parRetained earningsTotal liabilities and equity Simon Company's year-end balance sheets follow,At December 31Current Yr1 Yr Ago2 Yrs AgoAssetsCashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, net$ 30,84785,864112,4109,639278,899$436,772 $ 37,18160,60282,5589,090257, 23649,57452,8074,131224,507Total assets$ 517,659$ 446,258 S 368, 200Liabilities and EquityAccounts payableLong-term notes payable secured bymortgages on plant assetsCommon stock, $10 par valueRetained earnings$ 131,47573,909 $ 48,11695,373163, 500127,31183,813163, 50072,771$ 446,258 $ 368,200101,613163, 500107,236Total liabilities and equity$ 517,6591. Express the balance sheets in common-size percents. (Do not round intermediate calculations andanswers to 1 decimal place.)2. Assuming annual sales have not changed in the last three years, is the change in accounts receivabassets favorable or unfavorable?< Prev2 of 14Next >

Common size statements is a method of expressing each line time of a financial statement as a…

Simon Company's year-end balance sheets follow, At December 31 Assets Current Yr 1 Yr Ago 2 Yrs Ago Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 30,847 85,864 112,410 9,639 278,899 $ 36,772 $ 37,181 60, 602 82,558 9,090 257,236 $ 446,258 $ 368, 200 49,574 52,807 4,131 224, 507 Total assets $ 517,659 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 131,475 $ 73,909 $ 48,116 95,373 163,50e 127,311 83,813 163,500 72,771 $ 446,258 $ 368,200 101,613 163, 500 107,236 $ 517,659 1. Express the balance sheets in common-size percents. (Do not round intermediate calculations and answers to 1 decimal place.) 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivab assets favorable or unfavorable?

Simon Company's year-end balance sheets follow, At December 31 Assets Current Yr 1 Yr Ago 2 Yrs Ago Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 30,847 85,864 112,410 9,639 278,899 $ 36,772 $ 37,181 60, 602 82,558 9,090 257,236 $ 446,258 $ 368, 200 49,574 52,807 4,131 224, 507 Total assets $ 517,659 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 131,475 $ 73,909 $ 48,116 95,373 163,50e 127,311 83,813 163,500 72,771 $ 446,258 $ 368,200 101,613 163, 500 107,236 $ 517,659 1. Express the balance sheets in common-size percents. (Do not round intermediate calculations and answers to 1 decimal place.) 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivab assets favorable or unfavorable?

Financial Accounting

15th Edition

ISBN:9781337272124

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

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

Chapter7: Inventories

Section: Chapter Questions

Problem 8PEB: Financial statement data for years ending December 31 for Tango Company follow: a. Determine the...

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