3 Simon Company\'s year-end balance sheets follow 2017 At December 31 Assets Cas

Question

3 Simon Company's year-end balance sheets follow 2017 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets 15 points $38,225 44,681 42,964 57,285 64,166 5,069 344,133313,494 277,916 641,464 $ 552,986 447,400 78,966 135,156 104,348 11,497 111,884 12,066 eBook Liabilities and Equity Accounts payable Long-term notes payable secured by 156,530 $ 91,586 59,057 mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 99,864 163,500 124,979 641,464 $ 552,986 447,400 119,389 123,371 163,500 163,500 202,045 174,529 Hint Ask Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentage answers to 1 decimal place.) References

Explanation / Answer

Common size balance sheet :

2017 2016 2015 Assets Cash 6.0% 8.1% 9.6% Account receivable, net 17.4% 14.3% 12.8% Merchandise inventory 21.1% 18.9% 14.3% Prepaid expenses 1.9% 2.1% 1.1% Plant assets, net 53.6% 56.7% 62.1% Total Assets 100% 100% 100% Liabilities and equity Account payable 24.4% 16.6% 13.2% Long term note payable secured by mortgages on plant assets 18.6% 22.3% 22.3% Common stock, $10 par 25.5% 29.6% 36.5% Retained earnings 31.5% 31.6% 27.9% Total liabilities and equity 100% 100% 100%

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