Business, 12.08.2020 04:01 Jonah58

Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015
Assets
Cash $26,403 $29,364 $29,991
Accounts receivable, net 73,552 52,436 40,392
Merchandise inventory 96,214 70,676 43,017
Prepaid expenses 8,255 7,944 3,467
Plant assets, net 230,047 214,124 189,133
Total assets $434,471 $374,544 $306,000

Liabilities and Equity
Accounts payable $107,101 $64,564 $40,392
Long-term notes payable secured by
mortgages on plant assets 82,497 84,422 66,273
Common stock, $10 par value 162,500 162,500 162,500
Retained earnings 82,373 63,058 36,835
Total liabilities and equity $434,471 $374,544 $306,000

Required:
a. Compute the current ratio for the year ended 2017, 2016, and 2015.
b. Compute the acid-test ratio for the year ended 2017, 2016, and 2015.

Answers: 2

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Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015
Assets
C...

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