Question: The screen shots are the problem presented. What goes in the blanks? Simon Company's yearend balance sheets follow. At December 31 Current Yr 1 Yr

The screen shots are the problem presented. What goes in the blanks?

The screen shots are the problem presented. What goes in the blanks?Simon Company's yearend balance sheets follow. At December 31 Current Yr 1

Simon Company's yearend balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 30,600 $ 35,250 $ 37,600 Accounts receivable, net 86,400 61,500 50,000 Merchandise inventory 111,000 81,600 52,500 Prepaid expenses 10,400 9,500 4,500 Plant assets, net 278,000 248,000 229,000 Total assets $516,400 $435,850 $ 373,600 Liabilities and Equity Accounts payable $128,800 $ 72,500 $ 50,400 Long-term notes payable secured by mortgages on plant assets 96,500 99,250 80,200 Common stock, $10 par value 161,000 161,000 161,000 Retained earnings 130,100 103,100 82,000 Total liabilities and equity $516,400 $435,850 $ 373,600 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Current Yr 1 Yr Ago Sales $775,000 $590,000 Cost of goods sold $465,000 $371,700 other operating expenses 240,250 135,700 Interest expense 11,500 13,400 Income tax expense 9,350 8,700 Total costs and expenses 726,100 529,500 Net income $ 48,900 $ 60,500 Earnings per share $ 3.04 $ 3.76 (h For both the Current Year and 1 Year Ago, compute the following ratios: (2) Total asset turnover. 1 Year Ago: Total asset turnover

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!