Hi could you please do the 3 questions? :) 1. Simon Company\'s year-end balance

Question

Hi could you please do the 3 questions? :)

1.

Simon Company's year-end balance sheets follow At December 31 AssetS Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets $ 36,178 102,800 129,252 11,194 321,747 71,104 94,918 10,992 298,948 $ 42,28942,332 55,879 60,112 4,845 264,424 $. 601,171518,251 $. 427,600 Liabilities and Equity Accounts payable $ 149,692 $87,584 $ 57,572 Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 96,390 162,500 111,138 $. 601,171518,251 $. 427,600 109,630 120,390 162,500 147,777 162,500 179,349 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. Required 1 Required 2 Compute the current ratio for the years ended December 31, 2017, 2016, and 2015 Current Ratio Choose Numerator:Choose Denominator: Current Ratio = | Current ratio to 1 to 1 2017: 2016: 2015: Required 2

Explanation / Answer

Solution 1

1. Current ratio = Current Asset/Current Liablities

Quick ratio = Total Current Asset-Inventroy-Prepaid Expense/Current Liabalities

2017 : {(36178+102800+129252+11194)-11194+129252)}/149692 : 0.93

2016 : {(42289+71104+94918+10992)-(10992+94918)}/87584 = 1.29

2015 : {(42332+55879+60112+4845)-(4845+60112)}/57572 = 1.71

Year Formula Ratio 2017 (36178+102800+129252+11194)/149692 1.87 2016 (42289+71104+94918+10992)/87584 2.50 2015 (42332+55879+60112+4845)/57572 2.83

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