Question

In: Accounting

Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 34,308...

Simon Company’s year-end balance sheets follow.

At December 31 2017 2016 2015
Assets
Cash $ 34,308 $ 38,923 $ 40,958
Accounts receivable, net 96,509 66,739 54,060
Merchandise inventory 126,245 92,737 58,155
Prepaid expenses 11,048 10,114 4,735
Plant assets, net

301,972

 282,937 259,992
Total assets $ 570,082 $ 491,450 $ 417,900
Liabilities and Equity
Accounts payable $ 139,111 $ 83,886 $ 56,266
Long-term notes payable secured by
mortgages on plant assets		 108,247 115,294 91,432
Common stock, $10 par value 162,500 162,500 162,500
Retained earnings 160,224 129,770 107,702
Total liabilities and equity $ 570,082 $ 491,450 $ 417,900


1. Compute the current ratio for the year ended 2017, 2016, and 2015.
2. Compute the acid-test ratio for the year ended 2017, 2016, and 2015.

Complete this question by entering your answers in the tabs below.

Compute the current ratio for the years ended December 31, 2017, 2016, and 2015.

Current Ratio
Choose Numerator: / Choose Denominator: = Current Ratio
/ = Current ratio
2017: / = to 1
2016: / = to 1
2015: / = to 1

Compute the acid-test ratio for the years ended December 31, 2017, 2016, and 2015.

Acid-Test Ratio
Choose Numerator: / Choose Denominator: = Acid-Test Ratio
+ + / = Acid-test ratio
2017: + + / = to 1
2016: + + / = to 1
2015: + + / = to 1

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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