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sashaice [31]
3 years ago
12

Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, ne

t Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 29,328 83,351 103,760 9,078 257,087 $ 482,604 $ 32,285 $ 34, 323 57,663 45,764 76,967 50, 226 8,737 3,775 240,386 216,112 $ 416,038 $ 350, 200 $ 120,168 $ 70,310 $ 44,840 88,915 162,500 111,021 $ 482,604 96,646 75,072 162,500 162,500 86,582 67, 788 $ 416,038 $ 350, 200 (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three year period?

Business
1 answer:
weqwewe [10]3 years ago
8 0

Answer:

1a. Current ratio = Current assets / Current Liabilities

Current year = $224,517 / $120168 = 1.88 : 1

1 years ago = $175,652 / $70,310 = 2.50 : 1

2 years ago =$134,088 / $44,840 = 2.99 : 1

1b. The Current ratio worse over three years period

2a. Acid test ratio = (Cash + Investment + Account Receivables) / Current liabilities

Current year = ($29,328 + $0 + $83,351) / $120,168 = 0.94 : 1

1 year ago = ($32,285 + $0 + $57,663) / $70,310 = 1.28 : 1

2 year ago = ($34,323 + $0 + $45,764) / $44,840 = 1.79 : 1

2b. The Acid test ratio are worse over three years period

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3 0
3 years ago
Read 2 more answers
Actual indirect materials costs$11,800 $6,700 Actual indirect labor costs 55,600 45,900 Other overhead costs 16,000 49,900 Overh
dusya [7]

Answer:

See below

Explanation:

1. Actual costs = $11,800(indirect material + $55,600(indirect labor) + $16,000(other overhead costs) = $83,400(actual cost)

$91,400(overhead applied) - $83,400(actual cost) = Overhead applied is greater than the actual cost which means that overhead was over applied by $8,000

2. Debit: Manufacturing overhead $8,000

______ Credit: Cost of goods sold $8,000

3. Actual costs = $6,700(indirect material) + $45,900(indirect labor) + $49,900(other overhead costs) = $102,500

$96,700(overhead applied) - $102,000(actual costs) = Overhead applied is less than the actual costs which means that overhead was under applied by $5,800

4. Debit : Cost of goods sold $5,800

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7 0
3 years ago
Suppose that widgets are produced by a monopolistically competitive industry. If each firm in this market has the same cost stru
natulia [17]

Answer:

The equilibrium number of firms is 20.

Explanation:

Q = SH × b

   = 2,400 × (1/20)

   = 2,400 × 0.05

   = 120

Also given, Q = S / n

                120 = 2,400 / n

                  n = 20

3 0
3 years ago
what is a patent registration, design registration, NDA( non disclosure agreement, and a trademark registration
nata0808 [166]

Answer:

find all answers in the explanation below

Explanation:

Patent Registration: This can be defined as the registration of the protection an invention to ensure that no one can make a copy of the said invention elsewhere. A patent registration is usually done after obtaining a patent right. A patent is the protection of an invention or idea to ensure that it is not produced or sold, etc by another individual. Patents are usually issued by the Patent and Trademark Office

Design Registration: This is the registration of a design such that it cannot be used elsewhere by another person. The registration of a design helps to protect the external look of an invention or product to ensure it is unusable anywhere else.

Non disclosure agreement: This is a legal contract that exists between two parties in which confidential messages, information, etc exchanged between them cannot be revealed to a third party. A non disclosure agreement is also called a confidential agreement or secrecy agreement or confidential disclosure agreement, etc among other names.

Trademark Registration: This can be defined as the registration of the protection of a company's mode of identity with its customers. Trademarks range from signs to symbols, to words, etc.

Cheers.  

8 0
3 years ago
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