Refer to the Simon Company information in Exercise 13-7. The company's income statements for the years ended
Question:
(1) Days' sales uncollected,
(2) Accounts receivable turnover,
(3) Inventory turnover, and
(4) Days' sales in inventory. Comment on the changes in the ratios from 2013 to 2014. (Round amounts to one decimal.)
Exercise 13-7
Transcribed Image Text:
At December 31 2014 2013 2012 Assets $ 31,800 $ 35,625 $ 37,800 Cash 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 255,000 $523,000 $445,000 $377.500 278,500 230,500 Total assets Liabilities and Equity $ 51,250 Accounts payable .... $129,900 $ 75,250 $ 51,250 Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings.... Total liabilities and equity 98,500 101,500 83,500 163,500 163,500 163,500 104,750 131,100 79,250 $523,000 $445,000 $377,500 For Year Ended December 31 2013 2014 Sales ... Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income.. Earnings per share . $673,500 $532,000 $411,225 209,550 $345,500 134,980 13,300 12,100 9,525 8,845 642,400 502,625 $ 29,375 $ 31,100 2$ 1.90 1.80 AlltA
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
1 Computation of the days sales uncollected The days sales uncollected ratio measures how long it will take for the customers to pay their credit bala...View the full answer
Answered By
FREDRICK MUSYOKI
Professional Qualities:
Solution-oriented.
Self-motivated.
Excellent problem-solving and critical thinking skills.
Good organization, time management and prioritization.
Efficient troubleshooting abilities.
Tutoring Qualities:
I appreciate students as individuals.
I am used to tailoring resources for individual needs.
I can integrate IT into student's lessons.
I am good at explaining concepts.
I am able to help students progress.
I have a wide curriculum knowledge.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting questions
-
Refer to the Simon Company information in Exercise 13-6. The company's income statements for the years ended December 31, 2015 and 2014, follow. Assume that all sales are on credit and then compute:...
-
Refer to the Simon Company information in Exercise 13-6. Simon Company's year-end balance sheets follow. Express the balance sheets in common-size percents. Round amounts to the nearest one-tenth of...
-
Refer to the Simon Company information in Exercise 13-6. The company?s income statements for the years ended December 31, 2018 and 2017, follow. Assume that all sales are on credit and then compute...
-
What does 'buying local' mean to you? How do you determine what 'local' means? Are there limits to buying local here in PEI? Is buying local a priority for you when making purchases? How do you...
-
The armature phase windings of a two-phase synchronous machine are displaced by 90 electrical degrees in space. a. What is the mutual inductance between these two windings? b. Repeat the derivation...
-
Derive the normalization constant (50.57). Data From Equation 50.57:- N = nl -4K F(-ikn) d(-ik)/dk (50.57) I=Kn
-
Using the Tsai-Hill criterion and the appropriate micromechanics equations, set up the equation for predicting the averaged isotropic shear strength for a randomly oriented short-fiber composite....
-
Emily Honig, marketing manager for Romer Company, was puzzled by the outcome of two recent bids. The companys policy was to bid 150 percent of the full manufacturing cost. One job (labeled Job 97-28)...
-
Explain why a notable innovation through virtual reality (VR) and augmented reality (AR) technologies is so innovative in sport? Why should sports leaders cultivate a culture of openness and...
-
Sketch vo for each network of Fig. 2.176 for the input shown. 20 V Ideal v Ideal -20 V
-
Use Samsung's financial statements in Appendix A to compute its return on total assets for fiscal year ended December 31, 2012.
-
Refer to Apple's financial statements in Appendix A to answer the following. 1. Using fiscal 2010 as the base year, compute trend percents for fiscal years 2010, 2011, and 2012 for net sales, cost of...
-
Which company is the pioneer in benchmarking?
-
Which market structure best describes (a) mobile network operators in a country, (b) plumbers in a small town, (c) farms that grow mangoes, and (d) city waste management? Why?
-
As the aggregate profit of a cartel can exceed the combined profits of the same firms acting independently, firms have an incentive to form cartels and behave like a monopoly. However, cartels often...
-
The national government and some state governments in India provide incentives to entice new business ventures for less developed areas of the country to increase employment. Subsidies may be offered...
-
China, Japan, and South Korea have the top three shipbuilding industries in the world. Each of these countries also has a vibrant tourism industry. Of the two, which industry has the longer short...
-
Regardless of the sport, the owners of professional sports teams are local monopolists. Many people argue that increasing attendance (and revenue) at sporting events should be a key objective of any...
-
The critical value for a specific left-tailed hypothesis test is given as 1.645. Depending on the sample selected for the hypothesis test, the calculated test statistic can vary. For each of the...
-
Assume a simple Keynesian depression economy with a multiplier of 4 and an initial equilibrium income of $3,000. Saving and investment equal $400, and assume full employment income is $4,000. a. What...
-
Would a manager of an Apple retail store participate more in budgeting than a manager at the corporate offices? Explain.
-
Following are selected accounts for a company. For each account, indicate whether it will appear on a budgeted income statement (BIS) or a budgeted balance sheet (BBS). If an item will not appear on...
-
Use the information in Exercise 23-3 and the following additional information to prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31. a. Cost of goods...
-
Compare and contrast different deadlock prevention techniques such as resource ordering, the "hold and wait" condition, and preemptive resource allocation. Which methods are most effective for...
-
The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 700 $1.10 $0.90 B 1 250 1.50 1.55 C 2 150 4.90 5.15 D 2 100 6.50 6.40 E 3 80 25.00 24.60...
-
American Food Services, Incorporated leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2024. The lease agreement for...
Study smarter with the SolutionInn App