Simon Company's year-end balance sheets follow. Current Year At December 31 Assets Cash Accounts receivable, net...
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Simon Company's year-end balance sheets follow. Current Year 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: 1 Year Ago: $ $ 28,753 33,609 89,500 62,500 113,500 83,500 9,259 8,822 241,499 227,527 $ 482,511 $ 121,347 91,619 162,500 Numerator: Net sales $ $ The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: Required Required 2A 2B Compute accounts receivable turnover. 162,500 107, 045 85,831 $ $ 482,511 415,958 $ 382,631 194, 452 10,663 8,154 1 Year Ago Current Year $ 415,958 $ 71,000 96,627 1 / 627,264 / 494,990 / $ 627,264 595,900 $ 31,364 $ 1.93 (2-a) Compute accounts receivable turnover. (2-b) For each ratio, determine if it improved or worsened in the current year. Accounts Receivable Turnover 2 Years Ago Answer is not complete. Complete this question by entering your answers in the tabs below. $ 34,317 51,000 53,000 3,813 201,070 $ 343, 200 Denominator: $ 45,755 76,606 162,500 58,339 Average accounts receivable, net $ 343, 200 $ 321,744 125,232 11,385 7,425 1 Year Ago $ 494,990 465,786 $ 29,204 $ 1.80 = = = Accounts Receivable Turnover Accounts receivable turnover 0 times 0 times Simon Company's year-end balance sheets follow. Current Year 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: 1 Year Ago: $ $ 28,753 33,609 89,500 62,500 113,500 83,500 9,259 8,822 241,499 227,527 $ 482,511 $ 121,347 91,619 162,500 Numerator: Net sales $ $ The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: Required Required 2A 2B Compute accounts receivable turnover. 162,500 107, 045 85,831 $ $ 482,511 415,958 $ 382,631 194, 452 10,663 8,154 1 Year Ago Current Year $ 415,958 $ 71,000 96,627 1 / 627,264 / 494,990 / $ 627,264 595,900 $ 31,364 $ 1.93 (2-a) Compute accounts receivable turnover. (2-b) For each ratio, determine if it improved or worsened in the current year. Accounts Receivable Turnover 2 Years Ago Answer is not complete. Complete this question by entering your answers in the tabs below. $ 34,317 51,000 53,000 3,813 201,070 $ 343, 200 Denominator: $ 45,755 76,606 162,500 58,339 Average accounts receivable, net $ 343, 200 $ 321,744 125,232 11,385 7,425 1 Year Ago $ 494,990 465,786 $ 29,204 $ 1.80 = = = Accounts Receivable Turnover Accounts receivable turnover 0 times 0 times
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Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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