FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question

Please do not give solution in image format thanku 

Required information.
Exercise 13-10 (Algo) Analyzing efficiency and profitability LO P3 [Alternate Version]
[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
Current Year 1 Year Ago
$ 36,250
$ 32,400
87,700
62,000
111,500
83,200
10,700
279,000
9,500
253,000
$ 521,300
$ 443,950
$ 128,400
95,500
161,000
136,400
Liabilities and Equity
Accounts payable
Long-term notes payable
Common stock, $10 par value.
Retained earnings
Total liabilities and equity
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
$ 50,200
80,200
161,000
83,600
$ 521,300 $ 443,950 $ 375,000
Current Year
$ 73,250
99,500
161,000
110,200
$ 460,550
234,050
11,900
9,500
$ 755,000
2 Years Ago
$ 37,600
50,000
52,500
4,900
230,000
$ 375,000
716,000
$ 39,000
$ 2.42
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:
1 Year Ago
$ 409,500
144,900
12,900
8,625
$ 630,000
575,925
$ 54,075
$ 3.36
expand button
Transcribed Image Text:Required information. Exercise 13-10 (Algo) Analyzing efficiency and profitability LO P3 [Alternate Version] [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 Current Year 1 Year Ago $ 36,250 $ 32,400 87,700 62,000 111,500 83,200 10,700 279,000 9,500 253,000 $ 521,300 $ 443,950 $ 128,400 95,500 161,000 136,400 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value. Retained earnings Total liabilities and equity 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 $ 50,200 80,200 161,000 83,600 $ 521,300 $ 443,950 $ 375,000 Current Year $ 73,250 99,500 161,000 110,200 $ 460,550 234,050 11,900 9,500 $ 755,000 2 Years Ago $ 37,600 50,000 52,500 4,900 230,000 $ 375,000 716,000 $ 39,000 $ 2.42 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: 1 Year Ago $ 409,500 144,900 12,900 8,625 $ 630,000 575,925 $ 54,075 $ 3.36
Exercise 13-10 (Algo) Part 2 [Alternate Version]
(2) Compute total asset turnover for the current year and one year ago.
Current Year:
1 Year Ago:
Numerator:
Total Asset Turnover
Denominator:
= Total Asset Turnover
Total asset turnover
times
times
11
=
=
expand button
Transcribed Image Text:Exercise 13-10 (Algo) Part 2 [Alternate Version] (2) Compute total asset turnover for the current year and one year ago. Current Year: 1 Year Ago: Numerator: Total Asset Turnover Denominator: = Total Asset Turnover Total asset turnover times times 11 = =
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
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.
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education