Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory...
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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 secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity Current Yr $ 33,193 96,204 120,958 10,5831 296,087 $ 557,025 $ 137,312 102,626 162,500 154,587 $ 557,025 1 Yr Ago 2 Yrs Ago $37,647 $ 38,047 65,883 52,821 88,836 55,135 10,185 4,402 277,643 245,795 $ 480,194 $ 396,200 $78,718 $ 52,298 112,654 86,685 162,500 162,500 94,717 126,322 $ 480,194 $ 396,200 (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three year period? Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2A Required 2B Compute the current ratio for each of the three years. Current Ratio Choose Denominator: /Accounts receivable, net Current Yr: 1 Yr Ago: 2 Yrs Ago: Choose Numerator: Accounts receivable 1 1 1 = = = Current Ratio Current ratio 0 to 1 0 to 1 0 to 1 Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2A Required 28 Compute the acid-test ratio for each of the three years. Current Yr: 1 Yr Ago: 2 Yrs Ago: Cost of goods sold ++ Choose Numerator: +++ Acid-test ratio 1 1 1 Choose Denominator: = Acid-Test Ratio Acid-test ratio 0 to 1 = = | = = 0 to 1 0 to 1 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 secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity Current Yr $ 33,193 96,204 120,958 10,5831 296,087 $ 557,025 $ 137,312 102,626 162,500 154,587 $ 557,025 1 Yr Ago 2 Yrs Ago $37,647 $ 38,047 65,883 52,821 88,836 55,135 10,185 4,402 277,643 245,795 $ 480,194 $ 396,200 $78,718 $ 52,298 112,654 86,685 162,500 162,500 94,717 126,322 $ 480,194 $ 396,200 (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three year period? Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2A Required 2B Compute the current ratio for each of the three years. Current Ratio Choose Denominator: /Accounts receivable, net Current Yr: 1 Yr Ago: 2 Yrs Ago: Choose Numerator: Accounts receivable 1 1 1 = = = Current Ratio Current ratio 0 to 1 0 to 1 0 to 1 Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2A Required 28 Compute the acid-test ratio for each of the three years. Current Yr: 1 Yr Ago: 2 Yrs Ago: Cost of goods sold ++ Choose Numerator: +++ Acid-test ratio 1 1 1 Choose Denominator: = Acid-Test Ratio Acid-test ratio 0 to 1 = = | = = 0 to 1 0 to 1
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1 A Calculate the current ratio for each of the three years as follows Current Ratio CACL CACashAcco... View the full answer
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College Accounting A Practical Approach Chapters 1-25
ISBN: 9780133791006
13th Edition
Authors: Jeffrey Slater
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