Answered

Welcome to Westonci.ca, your one-stop destination for finding answers to all your questions. Join our expert community now! Join our platform to connect with experts ready to provide precise answers to your questions in various areas. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

Common-size percents LO P2 Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 29,076 $ 33,644 $ 34,015 Accounts receivable, net 85,123 60,680 47,668 Merchandise inventory 109,166 80,184 49,287 Prepaid expenses 9,269 8,832 3,857 Plant assets, net 265,161 245,794 215,773 Total assets $ 497,795 $ 429,134 $ 350,600 Liabilities and Equity Accounts payable $ 122,711 $ 71,073 $ 47,205 Long-term notes payable secured by mortgages on plant assets 94,521 96,727 76,708 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 117,063 97,834 63,187 Total liabilities and equity $ 497,795 $ 429,134 $ 350,600
Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentage answers to 1 decimal place.)
SIMON COMPANY
Common-Size Comparative Balance Sheets
December 31, 2015-2017
2017 2016 2015 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 Screenshot(Alt + A) Common stock, $10 par Retained earnings % Total liabilities and equity

Sagot :

anthougo

Answer:

Simon Company

SIMON COMPANY

Balance Sheets

At December 31                     Current Yr           1 Yr Ago          2 Yrs Ago

Assets                                                      %                       %                      %

Cash                                      $ 29,076   5.8   $ 33,644  7.8   $ 34,015   9.7

Accounts receivable, net         85,123   17.1      60,680  14.1     47,668  13.6

Merchandise inventory          109,166  21.9       80,184  18.7     49,287  14.1

Prepaid expenses                     9,269    1.9        8,832    2.1       3,857     1.1

Plant assets, net                    265,161  53.3    245,794 57.3   215,773   61.5

Total assets                       $ 497,795 100   $ 429,134 100 $ 350,600 100

Liabilities and Equity

Accounts payable               $ 122,711  24.7   $ 71,073  16.6   $ 47,205  13.5

Long-term notes payable

secured by mortgages

on plant assets                     94,521    19       96,727   22.5     76,708  21.9

Common stock,

$10 par value                      163,500  32.8   163,500  38.1     163,500  46.6

Retained earnings                117,063  23.5     97,834   22.8     63,187   18.0

Total liabilities and equity $497,795 100   $429,134  100 $350,600 100

Explanation:

a) Data and Calculations:

SIMON COMPANY

Balance Sheets

At December 31                             Current Yr      1 Yr Ago    2 Yrs Ago

Assets

Cash                                                $ 29,076      $ 33,644     $ 34,015

Accounts receivable, net                   85,123         60,680        47,668

Merchandise inventory                    109,166          80,184        49,287

Prepaid expenses                               9,269           8,832           3,857

Plant assets, net                               265,161      245,794        215,773

Total assets                                  $ 497,795   $ 429,134   $ 350,600

Liabilities and Equity

Accounts payable                          $ 122,711      $ 71,073     $ 47,205

Long-term notes payable

secured by mortgages

on plant assets                                94,521        96,727         76,708

Common stock, $10 par value       163,500      163,500       163,500

Retained earnings                           117,063        97,834          63,187

Total liabilities and equity          $ 497,795   $ 429,134   $ 350,600

b) The computation of Simon's common size balance sheet enables the comparison and analysis of the relative percentage of each asset, liability, and equity account. The computation takes a line item and divides it by the value of total assets or total liabilities and equity, as the case may be.  The resulting decimal value is multiplied by 100 to obtain the percentage.

Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.