Simon Companys year-end balance sheets follow. At December 31 Current Yr...
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Accounting
Simon Companys year-end balance sheets follow.
At December 31
Current Yr
1 Yr Ago
2 Yrs Ago
Assets
Cash
$
31,217
$
36,490
$
37,630
Accounts receivable, net
89,300
62,500
50,200
Merchandise inventory
111,000
83,500
53,000
Prepaid expenses
10,053
9,579
4,181
Plant assets, net
287,529
264,051
235,089
Total assets
$
529,099
$
456,120
$
380,100
Liabilities and Equity
Accounts payable
$
131,746
$
77,084
$
50,173
Long-term notes payable
99,471
104,908
84,002
Common stock, $10 par value
162,500
162,500
162,500
Retained earnings
135,382
111,628
83,425
Total liabilities and equity
$
529,099
$
456,120
$
380,100
The companys income statements for the current year and one year ago follow. Assume that all sales are on credit:
For Year Ended December 31
Current Yr
1 Yr Ago
Sales
$
687,829
$
542,783
Cost of goods sold
$
419,576
$
352,809
Other operating expenses
213,227
137,324
Interest expense
11,693
12,484
Income tax expense
8,942
8,142
Total costs and expenses
653,438
510,759
Net income
$
34,391
$
32,024
Earnings per share
$
2.12
$
1.97
(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 Choose Numerator: | Choose Denominator: Days = = Days' Sales Uncollected Days' sales uncollected / Current Yr: 1 = 0 days 0 days 1 Yr Ago: 1 X II (3-a) Compute inventory turnover. (3-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 3A Required 3B Compute inventory turnover. Inventory Turnover Choose Numerator: | Choose Denominator: = Inventory Turnover Inventory turnover II Current Yr: / = times 1 Yr Ago: II times
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