Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable $ 27,652 77,786 100,765 8,556 244,727 $ 459,486 87,247 162,500 $ 115,556 Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity 94,183 $459,486 $ 31,689 54,346 $ 33,016 45,369 49,289 74,013 8,235 227,826 $ 396,109 $ 68,281 92,927 162,500 72,401 $ 396,109 3,668 208,958 $340,300 $ 45,818 75,958 162,500 56,024 $340,300 The company's income statements for the current year and one year ago, follow. For Year Ended December 31 Sales Current Year $ 597,332 Cost of goods sold $364,373 Other operating expenses 185,173 Interest expense Income tax expense 10,155 7,765 Total costs and expenses Net income Earnings per share 1 Year Ago $ 471,370 567,466 $ 29,866 $1.84 $306,391 119,257 10,842 7,871 443,561 $ 27,809 $1.71 (1) Compute debt and equity ratio for the current year and one year ago. Current Year: 1 Year Ago: Current Year: 1 Year Ago: Debt Ratio Numerator: Denominator: Debt Ratio Debt ratio Equity Ratio Numerator: Denominator: 0% 0% =Equity Ratio = = Equity ratio 0 % 0%

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 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable $ 27,652 77,786 100,765 8,556 244,727 $ 459,486 87,247 162,500 $ 115,556 Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity 94,183 $459,486 $ 31,689 54,346 $ 33,016 45,369 49,289 74,013 8,235 227,826 $ 396,109 $ 68,281 92,927 162,500 72,401 $ 396,109 3,668 208,958 $340,300 $ 45,818 75,958 162,500 56,024 $340,300 The company's income statements for the current year and one year ago, follow. For Year Ended December 31 Sales Current Year $ 597,332 Cost of goods sold $364,373 Other operating expenses 185,173 Interest expense Income tax expense 10,155 7,765 Total costs and expenses Net income Earnings per share 1 Year Ago $ 471,370 567,466 $ 29,866 $1.84 $306,391 119,257 10,842 7,871 443,561 $ 27,809 $1.71 (1) Compute debt and equity ratio for the current year and one year ago. Current Year: 1 Year Ago: Current Year: 1 Year Ago: Debt Ratio Numerator: Denominator: Debt Ratio Debt ratio Equity Ratio Numerator: Denominator: 0% 0% =Equity Ratio = = Equity ratio 0 % 0%

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...
See similar textbooks
icon
Related questions
Topic Video
Question
i need the answer quickly
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 Current Year 1 Year Ago 2 Years Ago $ 27,652 77,786 $ 31,689 54,346 100,765 8,556 244,727 $ 459,486 74,913 8,235 227,826 $ 396,109 $ 68,281 92,927 162,500 72,401 Long-term notes payable Common stock, $10 par value Retained earnings $ 115,556 87,247 162,500 94,183 Total liabilities and equity $ 459,486 $ 396,109 $ 33,016 45,369 49,289 3,668 208,958 $ 340,300 $ 45,818 75,958 162,500 56,024 $ 340,300 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 Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Year $ 597,332 $ 364,373 185,173 1 Year Ago $ 471,370 10,155 7,765 $ 29,866 $ 1.84 $ 306,391 119,257 10,842 7,871 443,561 $ 27,809 $ 1.71 567,466 (1) Compute debt and equity ratio for the current year and one year ago. Current Year: 1 Year Ago: Current Year: 1 Year Ago: Debt Ratio Numerator: Denominator: Debt Ratio Debt ratio 0% 0 % Equity Ratio Numerator: Denominator: = Equity Ratio 1 = Equity ratio = 0 % I = 0 %
Transcribed Image Text: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 Current Year 1 Year Ago 2 Years Ago $ 27,652 77,786 $ 31,689 54,346 100,765 8,556 244,727 $ 459,486 74,913 8,235 227,826 $ 396,109 $ 68,281 92,927 162,500 72,401 Long-term notes payable Common stock, $10 par value Retained earnings $ 115,556 87,247 162,500 94,183 Total liabilities and equity $ 459,486 $ 396,109 $ 33,016 45,369 49,289 3,668 208,958 $ 340,300 $ 45,818 75,958 162,500 56,024 $ 340,300 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 Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Year $ 597,332 $ 364,373 185,173 1 Year Ago $ 471,370 10,155 7,765 $ 29,866 $ 1.84 $ 306,391 119,257 10,842 7,871 443,561 $ 27,809 $ 1.71 567,466 (1) Compute debt and equity ratio for the current year and one year ago. Current Year: 1 Year Ago: Current Year: 1 Year Ago: Debt Ratio Numerator: Denominator: Debt Ratio Debt ratio 0% 0 % Equity Ratio Numerator: Denominator: = Equity Ratio 1 = Equity ratio = 0 % I = 0 %
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
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
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
SEE MORE TEXTBOOKS