Homework Answers
(1-a) Current Ratio = Current Assets/Current Liabilities
Current Assets = Cash + Accounts receivable + Merchandise inventory + Prepaid expenses
Current Liabilities = Accounts payable
Current yr
Current Assets = 25,219+74,569+90,043+8,450
= $ 198,281
Current Liabilities= $ 106,433
current ratio = $198,281 / $106,433
= 1.86 (rounded off)
1 yr ago
Current Assets= 29,776+53,151+70,235+8,051
= $161,213
Current Liabilities = $61,016
Current ratio = $161,213/ $61,016
= 2.64 ( rounded off)
2 yrs ago
Current Assets = 29,795+40,132+43,608+3,479
= $117,014
Current Liabilities = $40,943
Current ratio= $117,014/$40,943
= 2.86 ( rounded off)
(1-b) current ratio worsen over the three year period
(2-a) Acid test ratio = Liquid Assets/ Current Liabilities
Liquid assets = Current Assets - Stock - Prepaid expenses
Current Liabilities = Accounts payable
Current yr
Liquid Assets = 198,281-90,043-8,450
= $99,788
Current Liabilities= $ 106,433
Acid test ratio = $99788/ $106433
= 0.94 ( rounded off )
1 yr ago
Liquid assets = 161,213- 70,235-8,051
= $82,927
Current liabilities = $61,016
Acid test ratio = $82,927/$61,016
= 1.36 ( rounded off )
2 yrs ago
Liquid Assets = 117,014-43,608-3,479
=$69,927
Current liabilities = $40,943
Acid test ratio = $69,927/$40,943
=1.71 ( rounded off )
(2-b) Acid test ratio worsen over the three year period
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Exercise 13-7 Analyzing liquidity LO P3 Simon Company's year-end balance sheets follow. At December 31 Current...
Saved Exercise 13-7 Analyzing liquidity LO P3 Simon Company's year-end balance sheets follow. Current Yr 1...
Saved Exercise 13-7 Analyzing liquidity LO P3 Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 29,947 87,692 112,506 9,843 283,295 $ 523,283 $ 35,728 $ 37,953 64,418 48,148 81,786 52,324 9,663...
Exercise 13-7 Analyzing liquidity LO P3 Simon Company's year-end balance sheets follow. Current Yr 1 Yr...
Exercise 13-7 Analyzing liquidity LO P3 Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 29,604 86,667 105,699 9,437 275,420 $ 506,827 $ 35,653 61,780 79,214 9,267 251,006 $ 436,920 $ 37,127...
Exercise 13-7 Analyzing liquidity LO P3 Simon Company's year-end balance sheets follow. Current Yr 1 Yr...
Exercise 13-7 Analyzing liquidity LO P3 Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 28,555 84,433 105, 107 9,567 261, 208 $ 488,870 $ 34,390 $ 35,116 60,182 46,822 75,627 50,...
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs...
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 32,000 $ 38,160 $ 40,951 Accounts receivable, net 91,808 68,103 53,011 Merchandise inventory 118,965 89,993 55,887 Prepaid expenses 10,201 10,116 4,462 Plant assets, net 294,873 265,910 247,289 Total assets $ 547,847 $ 472,282 $ 401,600 Liabilities and Equity Accounts payable $ 139,142 $ 79,816 $ 52,481 Long-term notes payable secured by mortgages on plant assets 100,935 107,539 90,529 Common stock,...
Simon Company's year-end balance sheets follow. Current Y 1 Yr Ago 2 Yrs Ago At December...
Simon Company's year-end balance sheets follow. Current Y 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 26,426 78,108 94,392 8,510 236,030 $ 443,466 $ 29,972 $ 32,177 52,451 42,053 71,432 45,239 7,787 3,540 220,656 198,791 5 382,298 5 321,880...
Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December...
Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 31,596 92,499 119,789 10,483 286,564 $ 540,931 $ 37,679 $ 38,856 65,938 50,269 87,132 56,285 9,597 4, 189 265,974 239,001 $ 466,320 $...
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs...
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 28,607 $ 34,818 $ 34,484 Accounts receivable, net 87,187 59,726 48,349 Merchandise inventory 107,471 79,720 49,972 Prepaid expenses 9,592 9,049 3,990 Plant assets, net 267,010 247,607 222,305 Total assets $ 499,867 $ 430,920 $ 359,100 Liabilities and Equity Accounts payable $ 120,733 $ 74,282 $ 48,349 Long-term notes payable secured by mortgages on plant assets 95,854 99,112 80,948 Common stock,...
Simon Company's year-e balance 5 2 Current Y Y Ago 2 yrs ago At December 31...
Simon Company's year-e balance 5 2 Current Y Y Ago 2 yrs ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 25,219 74.569 90,043 8.450 233,477 $ 431,758 $ 29,776 $ 29,795 53, 15140, 132 70,235 43,608 8.051 3.479 210,992 190,086 $ 372,205 $ 307,100 $ 106,433...
Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago $ 28,742...
Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago $ 28,742 81,653 105, 775 9,164 256,994 $ 482,328 $ 32,599 $ 34,997 58,794 46,662 78,461 49,700 8,732 3,812 237,214 214,829 $415,800 $ 350,000 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity...
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs...
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 33,360 $ 38,215 $ 41,026 Accounts receivable, net 95,721 68,923 53,618 Merchandise inventory 122,782 90,176 58,263 Prepaid expenses 10,421 9,929 4,558 Plant assets, net 303,142 280,193 252,835 Total assets $ 565,426 $ 487,436 $ 410,300 Liabilities and Equity Accounts payable $ 137,975 $ 82,377 $ 52,535 Long-term notes payable secured by mortgages on plant assets 105,237 113,231 91,583 Common stock,...
Saved Exercise 13-7 Analyzing liquidity LO P3 Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 29,947 87,692 112,506 9,843 283,295 $ 523,283 $ 35,728 $ 37,953 64,418 48,148 81,786 52,324 9,663...
Exercise 13-7 Analyzing liquidity LO P3 Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 29,604 86,667 105,699 9,437 275,420 $ 506,827 $ 35,653 61,780 79,214 9,267 251,006 $ 436,920 $ 37,127...
Exercise 13-7 Analyzing liquidity LO P3 Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 28,555 84,433 105, 107 9,567 261, 208 $ 488,870 $ 34,390 $ 35,116 60,182 46,822 75,627 50,...
Simon Company's year-end balance sheets follow. Current Y 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 26,426 78,108 94,392 8,510 236,030 $ 443,466 $ 29,972 $ 32,177 52,451 42,053 71,432 45,239 7,787 3,540 220,656 198,791 5 382,298 5 321,880...
Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 31,596 92,499 119,789 10,483 286,564 $ 540,931 $ 37,679 $ 38,856 65,938 50,269 87,132 56,285 9,597 4, 189 265,974 239,001 $ 466,320 $...
Simon Company's year-e balance 5 2 Current Y Y Ago 2 yrs ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 25,219 74.569 90,043 8.450 233,477 $ 431,758 $ 29,776 $ 29,795 53, 15140, 132 70,235 43,608 8.051 3.479 210,992 190,086 $ 372,205 $ 307,100 $ 106,433...
Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago $ 28,742 81,653 105, 775 9,164 256,994 $ 482,328 $ 32,599 $ 34,997 58,794 46,662 78,461 49,700 8,732 3,812 237,214 214,829 $415,800 $ 350,000 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity...
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