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 10 months ago

Next > < Previous

Related Solutions

Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,800...

Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable secured by mortgages on plant assets 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500...

Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 32,777...

Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 32,777 $ 37,176 $ 38,353 Accounts receivable, net 93,117 65,721 51,648 Merchandise inventory 118,260 87,723 55,011 Prepaid expenses 10,346 9,958 4,304 Plant assets, net 295,546 273,600 238,084 Total assets $ 550,046 $ 474,178 $ 387,400 Liabilities and Equity Accounts payable $ 136,961 $ 80,937 $ 50,625 Long-term notes payable secured by mortgages on plant assets 102,375 109,061 83,903 Common stock, $10 par value 163,500 163,500...

Simon Company’s year-end balance sheets follow. At December 31 2018 2017 2016 Assets Cash $ 31,800...

Simon Company’s year-end balance sheets follow. At December 31 2018 2017 2016 Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable secured by mortgages on plant assets 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500...

imon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,800...

imon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable secured by mortgages on plant assets 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500...

Simon Company's year-end balance sheets At December 31 2017 2016 2015 Assets Cash $34,248 $41,667 $44,275...

Simon Company's year-end balance sheets At December 31 2017 2016 2015 Assets Cash $34,248 $41,667 $44,275 Accounts receivable, net 99,261 71,487 58,461 Merchandise inventory 127,348 94,465 61,040 Prepaid expenses 11,367 10,937 4,872 Plant assets, net 320,094 292,063 265,552 Total assets $592,318 $510,619 $434,200 Liabilities and Equity Accounts payable $147,487 $87,158 $57,314 Long-term notes payable secured by mortgages on plant assets 113,583 120,966 98,837 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 167,748 138,995 114,549 Total liabilities and equity...

Exercise 13-11 Profitability analysis LO P3 Simon Company’s year-end balance sheets follow. At December 31 2017...

Exercise 13-11 Profitability analysis LO P3 Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,000 $ 34,200 $ 37,500 Accounts receivable, net 89,100 62,700 51,600 Merchandise inventory 42,392 83,300 59,500 Prepaid expenses 11,004 9,960 4,192 Plant assets, net 411,504 274,840 217,208 Total assets $ 585,000 $ 465,000 $ 370,000 Liabilities and Equity Accounts payable $ 148,578 $ 76,227 $ 48,352 Long-term notes payable secured by mortgages on plant assets 108,880 105,880 83,405 Common...

Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs...

Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable secured by mortgages on plant assets 98,500 101,500 83,500 Common stock,...

Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs...

Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 26,088 $ 30,494 $ 31,765 Accounts receivable, net 89,100 62,800 50,100 Merchandise inventory 112,500 84,500 53,000 Prepaid expenses 8,401 8,005 3,529 Plant assets, net 210,547 199,232 185,706 Total assets $ 446,636 $ 385,031 $ 324,100 Liabilities and Equity Accounts payable $ 110,100 $ 64,420 $ 42,353 Long-term notes payable secured by mortgages on plant assets 83,128 87,672 70,910 Common stock,...

Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs...

Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 28,075 $ 31,842 $ 32,206 Accounts receivable, net 79,758 57,430 42,941 Merchandise inventory 98,255 75,138 46,195 Prepaid expenses 9,131 8,273 3,687 Plant assets, net 255,915 233,467 203,571 Total assets $ 471,134 $ 406,150 $ 328,600 Liabilities and Equity Accounts payable $ 114,966 $ 67,953 $ 44,243 Long-term notes payable secured by mortgages on plant assets 88,573 93,415 71,168 Common stock,...

Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs...

Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 31,900 $ 34,900 $ 37,100 Accounts receivable, net 88,300 62,800 55,300 Merchandise inventory 75,102 84,700 54,400 Prepaid expenses 11,546 9,148 4,222 Plant assets, net 383,152 248,452 228,978 Total assets $ 590,000 $ 440,000 $ 380,000 Liabilities and Equity Accounts payable $ 142,503 $ 72,129 $ 49,157 Long-term notes payable secured by mortgages on plant assets 108,702 100,188 86,499 Common stock,...

Subjects