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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, $10 par value Retained earnings Total liabilities and equity For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share. Current Year Required 2A Required 28 Compute accounts receivable turnover. $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 Current Year 1 Year Ago $ 129,900 98,500 163,500 131,100 $ 523,000 Numerator: The company's income statements for the current year and one year ago follow. Assume that all sales are on cre Current Year $ 411,225 209,550 1 Year Ago 12,100 9,525 $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 $ 75,250 101,500 163,500 104,750 $ 445,000 $ 673,500 (2-a) Compute accounts receivable turnover. (2-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. 642,400 $ 31,100 $ 1.90 2 Years Ago $ 37,800 50,200 54,000 5,000 230,500 $ 377,500 Accounts Receivable Turnover Denominator: $ 51,250 83,500 163,500 79,250 $ 377,500 $ 345,500 134,980 13,300 8,845 1 Year Ago $ 532,000 502,625 $ 29,375 $ 1.80 W Accounts Receivable Turnover Accounts receivable turnover times times

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, $10 par value Retained earnings Total liabilities and equity For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share. Current Year Required 2A Required 28 Compute accounts receivable turnover. $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 Current Year 1 Year Ago $ 129,900 98,500 163,500 131,100 $ 523,000 Numerator: The company's income statements for the current year and one year ago follow. Assume that all sales are on cre Current Year $ 411,225 209,550 1 Year Ago 12,100 9,525 $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 $ 75,250 101,500 163,500 104,750 $ 445,000 $ 673,500 (2-a) Compute accounts receivable turnover. (2-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. 642,400 $ 31,100 $ 1.90 2 Years Ago $ 37,800 50,200 54,000 5,000 230,500 $ 377,500 Accounts Receivable Turnover Denominator: $ 51,250 83,500 163,500 79,250 $ 377,500 $ 345,500 134,980 13,300 8,845 1 Year Ago $ 532,000 502,625 $ 29,375 $ 1.80 W Accounts Receivable Turnover Accounts receivable turnover times times

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 7E: Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December...
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Required Information [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 Herchandise inventory Prepaid expenses plant assets, net Total assets Liabilities and Equity Accounts payable Long-ters notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Year $31,800 89.500 112,500 10.700 228,500 $523.000 $129,900 98,500 163 500 131,300 $ 523,000 Required 2A Required 28 urrent $431 225 200.550 42,10 21.525 1 Year Ago $ 35,625 62,500 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit For Year Ended December 31 Sales Cost of goods sold Other operating expenses 82,500 9,375 255,000 $445,000 $25,250 201.500 163,5ee 104,75e $445,000 < Required 2A $675,500 6422400 $32.200 52. (2-a) Compute accounts receivable turnover (2-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. For each ratio, determine if it improved or worsened in the current year Accounts receivable turnover. 2 Years Ago $ 37,880 50,200 54,900 5,000 238,500 $ 377,500 $ $3,250 83,500 163,500 79,250 $ 377,500 $345.500 134,988 13,300 8, N45 1 Year Ago. Reganned 23>: $ 532,000 582,625 $ 29,375 $ 1.80 < Prev
Transcribed Image Text:Required Information [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 Herchandise inventory Prepaid expenses plant assets, net Total assets Liabilities and Equity Accounts payable Long-ters notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Year $31,800 89.500 112,500 10.700 228,500 $523.000 $129,900 98,500 163 500 131,300 $ 523,000 Required 2A Required 28 urrent $431 225 200.550 42,10 21.525 1 Year Ago $ 35,625 62,500 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit For Year Ended December 31 Sales Cost of goods sold Other operating expenses 82,500 9,375 255,000 $445,000 $25,250 201.500 163,5ee 104,75e $445,000 < Required 2A $675,500 6422400 $32.200 52. (2-a) Compute accounts receivable turnover (2-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. For each ratio, determine if it improved or worsened in the current year Accounts receivable turnover. 2 Years Ago $ 37,880 50,200 54,900 5,000 238,500 $ 377,500 $ $3,250 83,500 163,500 79,250 $ 377,500 $345.500 134,988 13,300 8, N45 1 Year Ago. Reganned 23>: $ 532,000 582,625 $ 29,375 $ 1.80 < Prev
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, $10 par value Retained earnings Total liabilities and equity For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense. Income tax expense Total costs and expenses Net income Earnings per share Required 2A Required 28 Current Year Compute accounts receivable turnover. $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 Current Year 1 Year Ago: $ 129,900 98,500 163,500 131,100 $ 523,000 Numerator: Current Year The company's income statements for the current year and one year ago follow. Assume that all sales are on credit $ 411,225 209,550 1 Year Ago 12,100 9,525 $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 $ 75,250 101, 500 163,500 104,750 $ 445,000 (2-a) Compute accounts receivable turnover. (2-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. $ 673,500 642, 408 $ 31,100 $ 1.90 2 Years Ago: $ 37,800 50,200 Accounts Receivable Turnover Denominator: 54,000 5,000 230,500 $ 377,500 $ 51,250 83,500 163,500 79,250 $ 377,500 $ 345,500 134,980 13,300 8,845 1 Year Ago: . $ 532,000 582,625 $ 29,375 $ 1.80 Accounts Receivable Turnover Accounts receivable turnover times times
Transcribed Image Text: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, $10 par value Retained earnings Total liabilities and equity For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense. Income tax expense Total costs and expenses Net income Earnings per share Required 2A Required 28 Current Year Compute accounts receivable turnover. $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 Current Year 1 Year Ago: $ 129,900 98,500 163,500 131,100 $ 523,000 Numerator: Current Year The company's income statements for the current year and one year ago follow. Assume that all sales are on credit $ 411,225 209,550 1 Year Ago 12,100 9,525 $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 $ 75,250 101, 500 163,500 104,750 $ 445,000 (2-a) Compute accounts receivable turnover. (2-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. $ 673,500 642, 408 $ 31,100 $ 1.90 2 Years Ago: $ 37,800 50,200 Accounts Receivable Turnover Denominator: 54,000 5,000 230,500 $ 377,500 $ 51,250 83,500 163,500 79,250 $ 377,500 $ 345,500 134,980 13,300 8,845 1 Year Ago: . $ 532,000 582,625 $ 29,375 $ 1.80 Accounts Receivable Turnover Accounts receivable turnover times times
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