Hi could you please complete all parts to the question? Required information The

Question

Hi could you please complete all parts to the question?

Required information The following information applies to the questions displayed below.] 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 2017 2016 2015 $ 26,802$ 31,329 $32,967 51,100 56,000 3,663 215,252 196,76 $463,542 $ 399,605 $ 339,800 62, 300 82,500 89, 500 112,000 8,631 226,609 8,224 Liabilities and Equity Accounts payable Long-term notes payable secured by $113,114 $ 66,183 $43,957 mortgages on plant assets Common stock, $10 par value Retained earnings Total l1abilities and equity 85,403 162,506 102,525 90,071 162,500 80,851 73,594 162,500 59,749 463,542 $ 399,605 $ 339,800 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit: For Year Ended December 31 Sales Cost of goods sold other operating expense:s Interest expense Income taxes Total costs and expenses Net income 2017 2016 $ 602,605 $ 475,530 $ 367,589 186,808 10,244 7,834 $309,095 120,309 10,937 7,133 572,475 $30,130 1.85 447,474 $ 28,056 1.73 Earnings per share

Explanation / Answer

(2) ACCOUNTS RECEIVABLE TURNOVER = Net Credit Sales / Average accounts receivables

(1) DAYS' SALES UNCOLLECTED = 365 / Accounts Receivable Turnover

(3) INVENTORY TURNOVER = Cost of goods sold / Average Inventory

(4) DAYS' SALES IN INVENTORY = 365 / Inventory Turnover Ratio

YEAR NUMERATOR / DENOMINATOR = ACCOUNTS RECEIVABLE TURNOVER 2017 602,605 / 75,900 = 7.9 times 2016 475,530 / 56,700 = 8.3 times

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.