tesRequired information[The following information applies to the questions displayed below.)Simon Company's year-end balance sheets follow.At December 31AssetsCashAccounts receivable, netMerchandise inventory.Prepaid expensesPlant assets, netTotal assetsLiabilities and EquityAccounts payableLong-term notes payable.Current Year 1 Year Ago 2 Years Ago$ 31,800 $ 35,62589,50062,500112,50010,700278,500$ 523,00082,5009,375255,000$ 445,000$ 129,900.$ 75,250.98,500101,500163,500163,500131,100104,750$ 523,000 $ 445,000$ 411,225209,55012,1009,525Common stock, $10 par valueRetained earningsTotal liabilities and equityThe company's income statements for the current year and 1 year ago, follow.Current Year1 Year AgoFor Year Ended December 31SalesCost of goods soldOther operating expenses.Interest expenseIncome tax expenseTotal costs and expensesNet incomeEarnings per share$ 673,500$ 37,80050,20054,0005,000230,500$ 377,500642,400$ 31,100$ 1.90$ 51,25083,500163,50079,250$ 377,500$ 345,500134,98013,3008,845$ 532,000502,625$ 29,375$ 1.80 wwwwwwRequired informationEarnings per anareFor both the Current Year and 1 Year Ago, compute the following ratios:(3-a) Compute return on total assets for the current year and one year ago.(3-b) Based on return on total assets, did Simon's operating efficiency improve or worsen in the Current Year versus 1 Year Ago?Complete this question by entering your answers in the tabs below.Required 3A Required 38Current Year:1 Year Ago:Compute return on total assets for the current year and one year ago..Required information94.90Numerator:Return On Total Assets1111Denominator:(Required 3A=1.90.Required 3B >L.BUReturn On Total AssetsReturn on total assets%%Earnings per snareFor both the Current Year and 1 Year Ago, compute the following ratios:Complete this question by entering your answers in the tabs below.L.O0(3-a) Compute return on total assets for the current year and one year ago.(3-b) Based on return on total assets, did Simon's operating efficiency improve or worsen in the Current Year versus 1 Year AgRequired 3A Required 38Based on return on total assets, did Simon's operating efficiency improve or worsen in the Current Year versus 1 Year Ago?Return on total assets

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Description: tesRequired information[The following information applies to the questions displayed below.)Simon Company's year-end balance sheets follow.At December 31AssetsCashAccounts receivable, netMerchandise inventory.Prepaid expensesPlant assets, netTotal a

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Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory. Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term noten payable i Common stock, $10 par value Retained earnings Total liabilities and equity Current Year 1 Year Ago 2 Years Ago $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 $ 129,900 98,500 163,500 131,100 $ 523,000 $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 $ 75,250 101,500 163,500 104,750 $ 445,000 $ 37,800 50,200 54,000 5,000 230,500 $377,500 $ 51,250 83,500 163,500 79,250 $ 377,500

Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory. Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term noten payable i Common stock, $10 par value Retained earnings Total liabilities and equity Current Year 1 Year Ago 2 Years Ago $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 $ 129,900 98,500 163,500 131,100 $ 523,000 $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 $ 75,250 101,500 163,500 104,750 $ 445,000 $ 37,800 50,200 54,000 5,000 230,500 $377,500 $ 51,250 83,500 163,500 79,250 $ 377,500

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: Required: 1. Prepare a December 31, 2019, balance sheet for Baggett. 2. Compute the debt to-assets ratio.
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Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. 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 Common stock, $10 par value Retained earnings Total liabilities and equity Current Year Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 26,605 89, 200 114,500 8,568 221, 258 $ 460,131 $ 112,281 84,775 162,500 100,575 1 Year Ago $ 65,696 89,408 162,500 79,061 $ 460, 131 $ 396,665 Current Year $ 31,099 62,900 85,000 8,163 209,503 $ 396,665 $364,884 185,433 10,169 7,776 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: For Year Ended December 31 Sales Cost of goods sold Other operating expenses $ 598,170 2 Years Ago $ 32,725 50,800 58,000 3,636 192, 139 $…
Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. 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 Common stock, $10 par value Retained earnings Total liabilities and equity Current Year Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 $ 129,900 98,500 163,500 131, 100 $ 523,000 Current Year 1 Year Ago $ 411,225 209,550 12,100 9,525 $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 $ 75,250 101,500 163,500 104,750 $ 445,000 The company's income statements for the current year and one year ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses $ 673,500 2 Years Ago $ 37,800 50, 200 54,000 5,000 230,500 $ 377,500 642,400 $ 31,100 $ 1.90 $ 51,250…
[The following information applies to the questions displayed below. Simon Company's year-end balance sheets follow . Current 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 $ 31,224 89,900 115,000 10,055 277,807 $ 523,986 $ 36,498 37,266 62,200 50,400 84,000 57,000 9,581 4,141 259,433 223,893 $ 451,712 $ 372,700 $131,777$ 77, 103 $ 49,688 99,494 162,500 130,215 $ 523,986 104, 9 83,190 162, 5 162,500 107,176 177,322 $ 451,712 372,700
Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. 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. Common stock, $10 par value Retained earnings Total liabilities and equity Current Year $ 30,800 88,100 111,000 10,900 280,000 $ 520,800 $ 128,400 98,000 163,500 130,900 $ 520,800 Current Year 1 Year Ago $ 35,000 61,500 82,400 9,300 250,500 $ 438,700 $ 478,850 243,350 12,100 9,550 $73,750 101,750 163,500 99,700 $438,700 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses $785,000 Interest expense Income tax expense Total costs and expenses Net income Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: 743,850 $ 41,150 $ 2.52 2…
Required Information [The following Information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Current Year 1 Year Ago 2 Years Ago Cash $ 34,475 Accounts receivable, net 101,959 $ 42,354 70,522 Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable 130,758 11,329 317,729 $ 596,250 110,974 162,500 171,340 96,043 11,118 293,972 $ 514,009 $ 86,868 118,222 162,500 146,419 $ 596,250 $ 514,009 $ 41,986 56,541 60,824 4,758 259,991 $ 424,100 $ 54,862 91,852 162,500 114,886 $ 424,100 $ 151,436 Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios: The company's Income statements for the current year and 1 year ago, follow. For Year Ended December 31 Sales Cost of goods sold Interest expense Income tax expense Other operating expenses Total costs and expenses…
Simon Company's year-end balance sheets follow. 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 Common stock, $10 par value Retained earnings Total liabilities and equity Interest expense Income tax expense Total costs and expenses Net income Current Year $ 35,467 102,794 127,925 11,888 335,329 $ 613,403 For both the current year and one year ago, compute the following ratios: ه له مه له :. .: له The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses $ 149,683 117,626 162,500 183,594 $ 613,403 $ 486,429 247,201 Current Year 13,556 10,367 Vanu $ 797,424 Earnings per share Additional information about the company follows. Common stock market price, December 31, Current Year Common stock market price, December 31, 1 Year Ago Annual cash dividends per share…
Simon Company's year-end balance sheets follow. 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 Common stock, $10 par value Retained earnings. Total liabilities and equity Current Year Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 25,693 75,195 91,790 7,868 226,383 $426,929 $ 106,305 81,065 162,500 77,059 For both the current year and one year ago, compute the following ratios: $ 338,555 172,052 The company's income statements for the current year and 1 year ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses 9,435 7,215 Exercise 17-10 (Algo) Analyzing efficiency and profitability LO P3 Current Year 1 Year Ago $ 40,894 $ 60,955 86,343 66,412 163,500 163,500 57,244 38,994 $426,929 $ 368,042 $ 309,800 $ 30,032 51,526 68,088 7,729 210,667 $ 368,042 $ 555,008 527,257 $…
The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash Marketable securities Accounts and notes receivable (net) Inventories Prepaid expenses Total current assets Current liabilities: Accounts and notes payable (short-term) Accrued liabilities Total current liabilities. $620,500 718,500 294,000 749,800 386,200 $2,769,000 1. Working capital 2. Current ratio 3. Quick ratio b. The liquidity of Albertini has in current assets relative to current liabilities. $411,800 298,200 $710,000 $496,000 558,000 186,000 529,500 338,500 $2,108,000 $434,000 186,000 $620,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year from the preceding year to the current year. The working capital, current ratio, and quick ratio have all Most of these changes are the result of an
[The following information applies to questions displayed below. 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 liabilities and equity $ 31,224 89,900 115,000 10,055 277,807 $523,986 $ 36 , $ 37, 266 62,200 50,400 84,000 9,581 4,141 259,433 223,893 $ 451,712 $ 372,700 \$131 49,688 99, 494 162,500 130,215 $ 523,986 104,933 162,500 102,176 $ 451, 712 83, 190 162,500 77,322 , 700