Simon Company\'s year-end balance sheets follow 2017 2016 At December 31 Assets

Question

Simon Company's year-end balance sheets follow 2017 2016 At 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 $ 26,008 31,322 $ 31,978 40,981 44,977 3,484 192,180 $ 445,261 $ 383,846 $ 313,600 53,201 73,142 7,980 242,079218,201 73,855 94,774 8,545 $ 109,761 65,519 40,567 82,872 mortgages on plant assets Common stock, $10 par value Retained earnings 71,385 163,500 38,148 $ 445,261 $ 383,846 $ 313,600 86,519 163,500 163,500 68,308 89,128 Total liabilities and equity 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

To get the percentage divide each asset or liability with the amount of total assets of that year and multiply by 100. For example:

Cash=(26008/445261)×100=5.84%

Common size balance sheet:

2017 % 2016 % 2015 % Cash 26008 5.84% 31322 8.16% 31978 10.20% Account receivable:net 73855 16.59% 53201 13.86% 40981 13.07% Merchandise Inventory 94774 21.29% 73142 19.06% 44977 14.34% Prepaid expense 8545 1.92% 7980 2.08% 3484 1.11% Plant assets, net 242079 54.37% 218201 56.85% 192180 61.28% Total assets 445261 100.00% 383846 100.00% 313600 100.00% Account payable 109761 24.65% 65519 17.07% 40567 12.94% Long-term notes payable secured by mortgages on plant assets 82872 18.61% 86519 22.54% 71385 22.76% Common stock,$10 par 163500 36.72% 163500 42.60% 163500 52.14% Retained Earnings 89128 20.02% 68308 17.80% 38148 12.16% Total liabilities and equity 445261 100.00% 383846 100.00% 313600 100.00%

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