Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs...
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Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets $ 32,465 89,400 115,000 10,455 302,938 $ 37,949 $ 39,135 62,800 82,500 9,962 281,149 $ 474,360 $ 395,300 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 50,600 51,000 4,348 250,217 Total assets $550,258 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $137,014 $ 80,167 $ 52,180 103,449 162,500 147,295 109,103 162,500 122,590 $ 474,360 $ 395,300 87,361 162,500 93,259 Total liabilities and equity $550,258 The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit: For Year Ended December 31 Sales 1 Yr Ago $ 564, 488 Current Yr $ 715,335 Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses $ 436,354 221,754 12,161 9,299 $ 366,917 142,815 12,983 8,467 531, 182 $ 33,306 679,568 Net income $ 35,767 Earnings per share $ 2.20 $ 2.05 (1-a) Compute days' sales uncollected. (1-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Compute days' sales uncollected. Days' Sales Uncollected I Choose Denominator: Choose Numerator: Days Days' Sales Uncollected Days' Sales Uncollected Current Yr: days %3D 1 Yr Ago: days %3D Required 1A Required 1B Complete this question by entering your answers in the tabs below. Required 1A Required 1B For each ratio, determine if it improved or worsened in the current year. Days' sales uncollected < Required 1A Required 1B Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets $ 32,465 89,400 115,000 10,455 302,938 $ 37,949 $ 39,135 62,800 82,500 9,962 281,149 $ 474,360 $ 395,300 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 50,600 51,000 4,348 250,217 Total assets $550,258 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $137,014 $ 80,167 $ 52,180 103,449 162,500 147,295 109,103 162,500 122,590 $ 474,360 $ 395,300 87,361 162,500 93,259 Total liabilities and equity $550,258 The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit: For Year Ended December 31 Sales 1 Yr Ago $ 564, 488 Current Yr $ 715,335 Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses $ 436,354 221,754 12,161 9,299 $ 366,917 142,815 12,983 8,467 531, 182 $ 33,306 679,568 Net income $ 35,767 Earnings per share $ 2.20 $ 2.05 (1-a) Compute days' sales uncollected. (1-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Compute days' sales uncollected. Days' Sales Uncollected I Choose Denominator: Choose Numerator: Days Days' Sales Uncollected Days' Sales Uncollected Current Yr: days %3D 1 Yr Ago: days %3D Required 1A Required 1B Complete this question by entering your answers in the tabs below. Required 1A Required 1B For each ratio, determine if it improved or worsened in the current year. Days' sales uncollected < Required 1A Required 1B
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Related Book For
Financial Accounting Information for Decisions
ISBN: 978-1259533006
8th edition
Authors: John J. Wild
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