Simon Company’s year-end balance sheets follow.
At December 31 | 2017 | 2016 | 2015 | ||||||
Assets | |||||||||
Cash | $ | 31,800 | $ | 35,625 | $ | 37,800 | |||
Accounts receivable, net | 89,500 | 62,500 | 50,200 | ||||||
Merchandise inventory | 112,500 | 82,500 | 54,000 | ||||||
Prepaid expenses | 10,700 | 9,375 | 5,000 | ||||||
Plant assets, net | 278,500 | 255,000 | 230,500 | ||||||
Total assets | $ | 523,000 | $ | 445,000 | $ | 377,500 | |||
Liabilities and Equity | |||||||||
Accounts payable | $ | 129,900 | $ | 75,250 | $ | 51,250 | |||
Long-term notes payable secured by mortgages on plant assets |
98,500 | 101,500 | 83,500 | ||||||
Common stock, $10 par value | 163,500 | 163,500 | 163,500 | ||||||
Retained earnings | 131,100 | 104,750 | 79,250 | ||||||
Total liabilities and equity | $ | 523,000 | $ | 445,000 | $ | 377,500 | |||
1. Compute the current ratio for the year ended 2017, 2016, and 2015.
2. Compute the acid-test ratio for the year ended 2017, 2016, and 2015.
1. Calculate the current ratio of Simon Company for the year ended 2017, 2016 and 2015:
2. Calculate the acid test ratio of Simon Company the ...
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