Subject : Accounting ces1. Express the balance sheets in common-size percents2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of totalassets 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 totalassets favorable or unfavorable?Complete this question by entering your answers in the tabs below.Req 1Req 2 and 3Express the balance sheets in common-size percents.Note: Do not round intermediate calculations and round your final percentage answers to 1 decimal place.SIMON COMPANYCommon Size Comparative Balance SheetsDecember 31AssetsCashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, netTotal assetsLiabilities and EquityAccounts payableLong term notes payableCommon stock, $10 parRetained earningsTotal liabilities and equityCurrent Year 1 Year Ago 2 Years Ago%Reg 1%Req 2 and 3> Simon Company's year-end balance sheets follow.At December 31AssetsCashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, netTotal assetsLiabilities and EquityAccounts payableCurrent Year$ 25,19773,02891,8198,032233,305$ 431,3811 Year Ago$ 30,64351,02269,4867,966212,763$ 371,880$ 104, 191Long-tera notes payableCommon stock, $10 par value80,289162,50084,401$ 62,21987,243162,50059,918Retained earningsTotal liabilities and equity$ 431,381$ 371,880For both the current year and one year ago, compute the following ratios2 Years Ago$ 31,60139,68044,4463,511190,662$309,900$ 40,08967,118162,50040,193$ 309,900Exercise 17-6 (Algo) Common-size percents LO P21. Express the balance sheets in common-size percents2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of totalassets 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 totalassets favorable or unfavorable?

Name: Subject : Accounting ces1. Express the balance sheets in common-size p
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Subject : Accounting ces1. Express the balance sheets in common-size percents2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of totalassets favorable or unfavorable?3. Assuming a

Lets understand the basics. Common size comparative statement is a statement which is expressed in…

Business

Accounting

1. Express the balance sheets in common-size percents 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? Complete this question by entering your answers in the tabs below. Req 2 and 31 Express the balance sheets in common-size percents. Note: Do not round intermediate calculations and round your final percentage answers to 1 decimal place. SIMON COMPANY Common Size Comparative Balance Sheets December 31 Req 1 Assets Cash Accounts receivable, net Current Year 1 Year Ago 2 Years Ago %% BAR

1. Express the balance sheets in common-size percents 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? Complete this question by entering your answers in the tabs below. Req 2 and 31 Express the balance sheets in common-size percents. Note: Do not round intermediate calculations and round your final percentage answers to 1 decimal place. SIMON COMPANY Common Size Comparative Balance Sheets December 31 Req 1 Assets Cash Accounts receivable, net Current Year 1 Year Ago 2 Years Ago %% BAR

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: what are the charatristics of accounting

A: The answer is as fallows

Q: What is agency promblem in financial terms?

A: Agency problem is the conflict arises in the interest inherent in any relationship, in which one…

Q: How to prepare pro-forma income statement?

A: Income statement is a statement which shows all incomes, expenses for calculation of net profit or…

Q: What are the measure of outputs in accounting?

A: The objective of this question is to understand the various measures of outputs in the field of…

Q: what the difference between accounting income and economic income?

A: Accounting income can be defined as an estimate of the performance in the operations of the company.…

Q: accounting definition?

A: Accounting means a process of recording , classifying , summarizing , interpreting and communication…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

Subject : Accounting

ces
1. Express the balance sheets in common-size percents
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?
Complete this question by entering your answers in the tabs below.
Req 1
Req 2 and 3
Express the balance sheets in common-size percents.
Note: Do not round intermediate calculations and round your final percentage answers to 1 decimal place.
SIMON COMPANY
Common Size Comparative Balance Sheets
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
Retained earnings
Total liabilities and equity
Current Year 1 Year Ago 2 Years Ago
%
Reg 1
%
Req 2 and 3>

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
Current Year
$ 25,197
73,028
91,819
8,032
233,305
$ 431,381
1 Year Ago
$ 30,643
51,022
69,486
7,966
212,763
$ 371,880
$ 104, 191
Long-tera notes payable
Common stock, $10 par value
80,289
162,500
84,401
$ 62,219
87,243
162,500
59,918
Retained earnings
Total liabilities and equity
$ 431,381
$ 371,880
For both the current year and one year ago, compute the following ratios
2 Years Ago
$ 31,601
39,680
44,446
3,511
190,662
$309,900
$ 40,089
67,118
162,500
40,193
$ 309,900
Exercise 17-6 (Algo) Common-size percents LO P2
1. Express the balance sheets in common-size percents
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?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Calculating the required part

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Required information Skip to question [The following information applies to the questions displayed below.] The following is financial information describing the six operating segments that make up Chucktown Sauce Company (in thousands): Segments Red $ 1,817 22 Sales to outside parties Intersegment revenues Salary expense Rent expense Interest expense (92) Income tax expense (savings) 147 Consider the following questions independently. None of the six segments have a primarily financial nature. c. What volume of revenues must a single customer generate to necessitate disclosing the existence of a major customer? Note: Enter your answer in dollars but not in thousands. 620 145 Blue Green Pink Black White $ 818 $520 $315 $127 $ 105 97 115 0 308 71 385 408 318 172 87 65 93 88 67 22 55 323 98 48 37 68 20 11 (70) 0
Differentiate the Revenue Cycle and Expenditure cycle
Define income statement.
Define Proprietorship
Definitions of Common Income and Expense Items
Income statement
Define components of net income.
Define net income.
Rights of an accountant
What is a classified balance sheet?