Question

Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 34,695...

Simon Company's year-end balance sheets follow.

At December 31 2017 2016 2015
Assets
Cash $ 34,695 $ 42,227 $ 44,876
Accounts receivable, net 103,666 73,898 57,488
Merchandise inventory 131,643 97,650 62,474
Prepaid expenses 11,634 10,755 4,840
Plant assets, net

324,594

298,084 274,722
Total assets $ 606,232 $ 522,614 $ 444,400
Liabilities and Equity
Accounts payable $ 153,971 $ 87,439 $ 56,901
Long-term notes payable secured by
mortgages on plant assets
113,972 116,595 101,159
Common stock, $10 par value 163,500 163,500 163,500
Retained earnings 174,789 155,080 122,840
Total liabilities and equity $ 606,232 $ 522,614 $ 444,400

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

Homework Answers

Answer #1
SIMON COMPANY
Common-Size Comparative Balance Sheets
December 31, 2015-2017
2017 2016 2015
Assets
Cash 5.7% 8.1% 10.1%
Accounts receivable, net 17.1% 14.1% 12.9%
Merchandise inventory 21.7% 18.7% 14.1%
Prepaid expenses 1.9% 2.1% 1.1%
Plant assets, net 53.5% 57.0% 61.8%
Total assets 100.0% 100.0% 100.0%
Liabilities and Equity
Accounts payable 25.4% 16.7% 12.8%
Long-term notes payable secured by
mortgages on plant assets
18.8% 22.3% 22.8%
Common stock, $10 par value 27.0% 31.3% 36.8%
Retained earnings 28.8% 29.7% 27.6%
Total liabilities and equity 100.0% 100.0% 100.0%
Note: For common-size percents, divide all figures by total assets for that year
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