Simon Company s year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise...

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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 Cost of goods sold Other operating expenses Current Year Interest expense Income tax expense Total costs and expenses Net income Earnings per share $30,169 89,700 111,500 9,715 275,420 $ 516,504 $ 127,323 96,132 162,500 130,549 $ 516,504 Current Year $ 409,588 208,151 1 Year Ago $ 35,265 62,500 84,000 9,257 254,240 $ 445,262 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 11,415 8,729 $ 74,497 101,386 162,500 106,879 $ 445,262 $ 671,455 2 Years Ago. 637,883 $ 33,572 $ 2.07 $36,734 50,600 51,000 4,082 232,384 $ 374,800 $ 48,979 82,002 162,500 81,319 $ 374,800 1 Year Ago $344,410 134,055 12,187 7,948 $ 529,862 498,600 $ 31,262 $1.92 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 Cost of goods sold Other operating expenses Current Year Interest expense Income tax expense Total costs and expenses Net income Earnings per share $30,169 89,700 111,500 9,715 275,420 $ 516,504 $ 127,323 96,132 162,500 130,549 $ 516,504 Current Year $ 409,588 208,151 1 Year Ago $ 35,265 62,500 84,000 9,257 254,240 $ 445,262 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 11,415 8,729 $ 74,497 101,386 162,500 106,879 $ 445,262 $ 671,455 2 Years Ago. 637,883 $ 33,572 $ 2.07 $36,734 50,600 51,000 4,082 232,384 $ 374,800 $ 48,979 82,002 162,500 81,319 $ 374,800 1 Year Ago $344,410 134,055 12,187 7,948 $ 529,862 498,600 $ 31,262 $1.92

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ANSWER CURRENT RATIO CURRENT ASSET CURRENT LIABILITY CURRENT ASSETCASHACCOUNT RECEIVABLE INVENTORY P... View the full answer