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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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![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](https://content.bartleby.com/qna-images/question/902b6328-d5d0-4c0b-8290-aafdf8186a48/f3a2daaa-be55-4def-9757-5421d1618991/gvprwe_thumbnail.jpeg)
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
=
=](https://content.bartleby.com/qna-images/question/902b6328-d5d0-4c0b-8290-aafdf8186a48/f3a2daaa-be55-4def-9757-5421d1618991/l7b28vl_thumbnail.jpeg)
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
=
=
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