60.1K

Verified Solution

Link Copied!

please help due in 30 mins

Required information Use the following information for the Exercises below. (Algo) The following information applies to the questions displayed below! Simon Company's year end balance sheets follow, At December 31 Current Year 1 Year Ago 2 Years Agai Assets Cash $36,241 $ 41,532 $ 44,154 Accounts receivable, net 101,940 72.600 58,872 Merchandise inventory 130,700 97,962 61,332 Prepaid expenses 11,211 11.011 4,900 Plant assets, net 322/06 205,000 274,710 Total assets $ 602,202 $519,144 446,000 Liabilities and Equity Accounts payable $152,949 $ 16,858 $ 60,049 Long-ter notes payable 114,347 118,209 97,500 Common stock, 510 par value 163,500 162500 162,500 Retained earnings 171,411 151,527 125,071 Total liabilities and equity $ 602,207 $ 510,144 Exercise 13-6 (Algo) Common-size percents LO P2 1. Express the balance sheets in common se percent 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total 3. Assuming annual sales have not changed in the last three years, is the change in marchandise inventory as a percentage of total assets favorable or unfavorable? Complete this question by entering your answers in the tabs below Regt Express the balance sheets in common percento. (Do not round warmediate clations and round percentage answers to 1 decimal place) SIMON COMPANY Common Comparative Balance Sheets December 31 Currender 1 Year A Years A Assets Cash Aceite Merchandise

Answer & Explanation Solved by verified expert

See Answer