Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets $ 25,796 $ 30,153 $ 30,486 62,200 83,000 7,915 186,258 Cash Accounts receivable, net Merchandise inventory Prepaid expenses 89,300 112,500 8,307 50,700 57,000 3,387 160,327 Plant assets, net 192,747 Total assets $ 428,650 $ 369,526 $ 301,900 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $ 108,869 $ 63,699 $ 40,648 82,198 162,500 75,083 86,691 162,500 56,636 68,054 162,500 30,698 Total liabilities and equity $ 428,650 $ 369,526 $ 301,900 ecember 31, The company's income statements credit: the years ende 2016, follow. A all sales ar oi For Year Ended December 31 2017 2016 Sales $ 557,245 $ 439,736 Cost of goods sold Other operating expenses Interest expense $ 339,919 172,746 9,473 7,244 $ 285,828 111,253 10,114 6,596 Income taxes Total costs and expenses 529,382 413,791 Net income $ 27,863 $ 25,945 Earnings per share $ 1.71 1.60
Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets $ 25,796 $ 30,153 $ 30,486 62,200 83,000 7,915 186,258 Cash Accounts receivable, net Merchandise inventory Prepaid expenses 89,300 112,500 8,307 50,700 57,000 3,387 160,327 Plant assets, net 192,747 Total assets $ 428,650 $ 369,526 $ 301,900 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $ 108,869 $ 63,699 $ 40,648 82,198 162,500 75,083 86,691 162,500 56,636 68,054 162,500 30,698 Total liabilities and equity $ 428,650 $ 369,526 $ 301,900 ecember 31, The company's income statements credit: the years ende 2016, follow. A all sales ar oi For Year Ended December 31 2017 2016 Sales $ 557,245 $ 439,736 Cost of goods sold Other operating expenses Interest expense $ 339,919 172,746 9,473 7,244 $ 285,828 111,253 10,114 6,596 Income taxes Total costs and expenses 529,382 413,791 Net income $ 27,863 $ 25,945 Earnings per share $ 1.71 1.60
Chapter10: Inventory
Section: Chapter Questions
Problem 12PB: Compare the calculations for gross margin for B76 Company, based on the results of the perpetual...
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