HI could you please both questions? (Only requirement 2 for question 1) 2. Simon
ID: 2594229 • Letter: H
Question
HI could you please both questions? (Only requirement 2 for question 1)
2.
Simon Company's year-end balance sheets follow t December 31 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 2017 2016 2015 $ 36,178 $ 42,289 42,332 55,879 60,112 4,845 264,432 $601,171 $ 518,251 $ 427,600 102,800 129,252 11,194 321,747 71,104 94,918 10,992 298,948 $149,692 $ 87,584 $ 57,572 mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 96,390 162,500 111,138 $601,171 $ 518,251 $ 427,600 109,630 162,500 179,349 120,390 162,500 147777 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 2015Explanation / Answer
Acid test ratio
Cash
Accounts receivable
Prepaid expense
/
Accounts Payable
Acid test ratio
2017
36178
102800
11194
149692
1.003207
to 1
2016
42289
71104
10992
87584
1.420179
to 1
2015
42332
55879
4845
57572
1.790037
to 1
Acid test ratio
Cash
Accounts receivable
Prepaid expense
/
Accounts Payable
Acid test ratio
2017
36178
102800
11194
149692
1.003207
to 1
2016
42289
71104
10992
87584
1.420179
to 1
2015
42332
55879
4845
57572
1.790037
to 1
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