Q13. Simon Company Required Information [The following Information applies to the questions displayed below.] Simon...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Q13. Simon Company
Required Information [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 Ago Assets Cash $ 30, 800 $ 36,500 $ 38, 200 Accounts receivable, net 88,900 61, 500 49, 590 Merchandise inventory 111, 500 80, 600 55, 090 Prepaid expenses 10, 650 9, 250 4,390 Plant assets, net 279, 000 258,500 228, 090 Total assets $ 520, 850 $ 446, 350 $ 375, 000 Liabilities and Equity Accounts payable $ 130, 000 $ 74,750 $ 51, 400 Long-term notes payable 98, 090 98, 250 80, 690 Common stock, $10 par value 162, 500 162, 500 162, 590 Retained earnings 130, 350 110, 850 80, 590 Total liabilities and equity $ 520, 850 $ 446, 350 $ 375, 090 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Current Year 1 Year Ago Sales $ 725, 000 $ 610, 000 Cost of goods sold $ 427,750 $ 390, 400 Other operating expenses 232, 900 140, 300 Interest expense 11, 600 13, 400 Income tax expense 9,350 8,925 Total costs and expenses 680, 700 553, 025 Net income $ 44,300 $ 56,975 Earnings per share $ 2.73 $ 3.51
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
