Simon Company\'s year-end balance sheets follow At December 31 Assets Cash Accou
ID: 2401286 • Letter: S
Question
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 $ 29,981 34,365 35,088 47,256 51,853 4,017 219,786 $ 493,353 $ 425,304 $ 358,000 85,207 109,253 9,561 259,351 60,138 78,681 8,931 243,189 Liabilities and Equity Accounts payable Long-term notes payable secured by $ 122,845 $71,876 $ 46,783 mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 77,536 163,500 70,181 $ 493,353 $ 425,304 $ 358,000 90,895 163,500 116, 113 99,776 163,500 90,152 Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentage answers to 1 decimal place.)Explanation / Answer
SIMON COMPANY
Common –Size Comparative Balance Sheets
December 31, 2015-2017
2017
2016
2015
Assets
Cash
6.1
%
8.1
%
9.8
%
Accounts Receivable Net
17.3
%
14.1
%
13.2
%
Merchandise Inventory
22.1
%
18.5
%
14.5
%
Prepaid Expenses
1.9
%
2.1
%
1.1
%
Plant Assets, net
52.6
%
57.2
%
61.4
%
Total Assets
100
%
100
%
100
%
Liabilities and Equity
Accounts Payable
24.9
%
16.9
%
13.1
%
Long term notes payable secured by mortgage on plant assets
18.4
%
23.5
%
21.6
%
Common Stock, $10 par
33.1
%
38.4
%
45.7
%
Retained Earnings
23.6
%
21.2
%
19.6
%
Total Liabilities and Equity
100
%
100
%
100
%
SIMON COMPANY
Common –Size Comparative Balance Sheets
December 31, 2015-2017
2017
2016
2015
Assets
Cash
6.1
%
8.1
%
9.8
%
Accounts Receivable Net
17.3
%
14.1
%
13.2
%
Merchandise Inventory
22.1
%
18.5
%
14.5
%
Prepaid Expenses
1.9
%
2.1
%
1.1
%
Plant Assets, net
52.6
%
57.2
%
61.4
%
Total Assets
100
%
100
%
100
%
Liabilities and Equity
Accounts Payable
24.9
%
16.9
%
13.1
%
Long term notes payable secured by mortgage on plant assets
18.4
%
23.5
%
21.6
%
Common Stock, $10 par
33.1
%
38.4
%
45.7
%
Retained Earnings
23.6
%
21.2
%
19.6
%
Total Liabilities and Equity
100
%
100
%
100
%
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