1 answer

Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs...

Question:

Simon Company's year-end balance sheets follow.

At December 31 Current Yr 1 Yr Ago 2 Yrs Ago
Assets
Cash $ 25,712 $ 29,447 $ 30,067
Accounts receivable, net 74,520 53,658 40,916
Merchandise inventory 92,749 70,203 44,016
Prepaid expenses 8,280 7,730 3,444
Plant assets, net 238,932 218,439 194,657
Total assets $ 440,193 $ 379,477 $ 313,100
Liabilities and Equity
Accounts payable $ 107,416 $ 62,849 $ 42,569
Long-term notes payable secured by
mortgages on plant assets
81,929 88,153 67,119
Common stock, $10 par value 163,500 163,500 163,500
Retained earnings 87,348 64,975 39,912
Total liabilities and equity $ 440,193 $ 379,477 $ 313,100

1. Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentage answers to 1 decimal place.) 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable?
3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable?


Answers

1 Simon Company Common Size Comparative Balance Sheets December 31 Current Yr working 1 Yr Ago working 2 Yrs Ago working 5.8

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