Required informationUse the following information for the Exercises below. (Static)[The following information applies to the questions displayed below.]Simon Company's year-end balance sheets follow.At December 31AssetsCashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, netTotal assetsCurrent Year$ 31,80089,500112,50010, 700278,500$ 523,000$ 129,90098,500163, 500131, 100$ 523,0001 Year AgoLiabilities and EquityAccounts payableLong-term notes payableCommon stock, $10 par valueRetained earningsTotal liabilities and equityFor both the current year and one year ago, compute the following ratios:< Prev$ 35,62562,50082,5009,375255,000$ 445,000$ 75,250101, 500163,500104, 750NS2 Years Ago$ 51, 25083,500163, 50079, 250$ 445,000 $ 377,500of 9$ 37,80050, 20054,0005,000230,500$ 377,500Next > Required informationFor Year Ended December 31SalesCost of goods soldOther operating expensesCurrent Year$ 411, 225209,55012, 1009,525$ 673,500642, 400$31,100$ 1.90:. -. - == .......< Prev.$ 345,500134, 98013,3008,845Interest expenseIncome tax expenseTotal costs and expensesNet incomeEarnings per shareFor both the Current Year and 1 Year Ago, compute the following ratios:(1-a) Profit margin ratio.(1-b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago?(2) Total asset turnover.(3-a) Return on total assets.(3-b) Based on return on total assets, did Simon's operating efficiency improve or worsen in the Current Year versus 1 Year Ago?S21 Year Agoof 9hp$ 532,000+++502,625$ 29, 375$ 1.80HelpNext >9 USSaM

Profit margin ratio = Net income/Sales Total asset turnover ratio = Sales/Average total assets Total…

For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Current Year $ 411, 225 209,550 12, 100 9,525 $ 673,500 642, 400 $31, 100 $ 1.90 1 Year Ago $ 345,500 134,980 13, 300 8,845 $ 532,000 502, 625 $ 29,375 $ 1.80 Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: (1-a) Profit margin ratio. (1-b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago? (2) Total asset turnover. (3-a) Return on total assets. (3-b) Based on return on total assets, did Simon's operating efficiency improve or worsen in the Current Year versus 1 Year Ago?

For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Current Year $ 411, 225 209,550 12, 100 9,525 $ 673,500 642, 400 $31, 100 $ 1.90 1 Year Ago $ 345,500 134,980 13, 300 8,845 $ 532,000 502, 625 $ 29,375 $ 1.80 Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: (1-a) Profit margin ratio. (1-b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago? (2) Total asset turnover. (3-a) Return on total assets. (3-b) Based on return on total assets, did Simon's operating efficiency improve or worsen in the Current Year versus 1 Year Ago?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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