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Simon Company's year-end balance sheets follow, At December 31 Assets Current Yr 1 Yr Ago 2 Yrs Ago Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 30,847 85,864 112,410 9,639 278,899 $ 36,772 $ 37,181 60, 602 82,558 9,090 257,236 $ 446,258 $ 368, 200 49,574 52,807 4,131 224, 507 Total assets $ 517,659 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 131,475 $ 73,909 $ 48,116 95,373 163,50e 127,311 83,813 163,500 72,771 $ 446,258 $ 368,200 101,613 163, 500 107,236 $ 517,659 1. Express the balance sheets in common-size percents. (Do not round intermediate calculations and answers to 1 decimal place.) 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivab assets favorable or unfavorable?

Simon Company's year-end balance sheets follow, At December 31 Assets Current Yr 1 Yr Ago 2 Yrs Ago Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 30,847 85,864 112,410 9,639 278,899 $ 36,772 $ 37,181 60, 602 82,558 9,090 257,236 $ 446,258 $ 368, 200 49,574 52,807 4,131 224, 507 Total assets $ 517,659 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 131,475 $ 73,909 $ 48,116 95,373 163,50e 127,311 83,813 163,500 72,771 $ 446,258 $ 368,200 101,613 163, 500 107,236 $ 517,659 1. Express the balance sheets in common-size percents. (Do not round intermediate calculations and answers to 1 decimal place.) 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivab assets favorable or unfavorable?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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SIMON COMPANY Common-Size Comparative Balance Sheets December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash % Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets % Liabilities and Equity Accounts payable % % % Long-term notes payable secured by mortgages on plant assets Common stock, $10 par Retained earnings Total liabilities and equity
Transcribed Image Text:SIMON COMPANY Common-Size Comparative Balance Sheets December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash % Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets % Liabilities and Equity Accounts payable % % % Long-term notes payable secured by mortgages on plant assets Common stock, $10 par Retained earnings Total liabilities and equity
Simon Company's year-end balance sheets follow, At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 30,847 85,864 112,410 9,639 278,899 $4 36,772 $ 37,181 60,602 82,558 9,090 257, 236 49,574 52,807 4,131 224,507 Total assets $ 517,659 $ 446,258 S 368, 200 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $ 131,475 73,909 $ 48,116 95,373 163, 500 127,311 83,813 163, 500 72,771 $ 446,258 $ 368,200 101,613 163, 500 107,236 Total liabilities and equity $ 517,659 1. Express the balance sheets in common-size percents. (Do not round intermediate calculations and answers to 1 decimal place.) 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivab assets favorable or unfavorable? < Prev 2 of 14 Next >
Transcribed Image Text:Simon Company's year-end balance sheets follow, At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 30,847 85,864 112,410 9,639 278,899 $4 36,772 $ 37,181 60,602 82,558 9,090 257, 236 49,574 52,807 4,131 224,507 Total assets $ 517,659 $ 446,258 S 368, 200 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $ 131,475 73,909 $ 48,116 95,373 163, 500 127,311 83,813 163, 500 72,771 $ 446,258 $ 368,200 101,613 163, 500 107,236 Total liabilities and equity $ 517,659 1. Express the balance sheets in common-size percents. (Do not round intermediate calculations and answers to 1 decimal place.) 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivab assets favorable or unfavorable? < Prev 2 of 14 Next >
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