Business, 05.05.2020 19:30 rbrummitt6922

Simon Company's year-end balance sheets follow.
At December 31 2017 2016 2015
Assets
Cash $ 27,286 $ 32,545 $ 34,254
Accounts receivable, net 79,083 58,094 45,211
Merchandise inventory 98,417 76,014 49,629
Prepaid expenses 9,056 8,629 3,960
Plant assets, net 258,067 231,536 216,446
Total assets $ 471,909 $ 406,818 $ 349,500
Liabilities and Equity Accounts payable $ 119,855 $ 67,377 $ 47,057
Long-term notes payable secured by mortgages on plant assets 86,945 96,375 75,695
Common stock, $10 par value 163,500 163,500 163,500
Retained earnings 101,609 79,566 63,248
Total liabilities and equity $ 471,909 $ 406,818 $ 349,500
Required:
1. Compute the current ratio for the years ended December 31, 2017, 2016 and 2015.
2. Compute the acid-test ratio for the years ended December 31, 2017, 2016 and 2015.

Answers: 2

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