Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets $ 27,328 $...

 

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Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets $ 27,328 $ 32,931 $ 33,274 55,901 74,631 8,558 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 81,653 104,717 9,254 46,195 50,187 3,926 254,553 239,621 212,918 $477,505 $411,642 $346,500 Total assets Liabilities and Equity $120,088 $ 71,655 $ 46,195 Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings 91,837 162,500 162, 500 162,500 88,873 75,045 85,650 $477,505 $411,642 $346,500 106,044 62,760 Total liabilities and equity 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. Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets $ 27,328 $ 32,931 $ 33,274 55,901 74,631 8,558 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 81,653 104,717 9,254 46,195 50,187 3,926 254,553 239,621 212,918 $477,505 $411,642 $346,500 Total assets Liabilities and Equity $120,088 $ 71,655 $ 46,195 Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings 91,837 162,500 162, 500 162,500 88,873 75,045 85,650 $477,505 $411,642 $346,500 106,044 62,760 Total liabilities and equity 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.

Answer rating: 100% (QA)

Requirement 1 Current ratio calculation Current assets 201700 201600 201500 Cash 2732... View the full answer