Common-size percents LO P2 Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 29,076 $ 33,644 $ 34,015 Accounts receivable, net 85,123 60,680 47,668 Merchandise inventory 109,166 80,184 49,287 Prepaid expenses 9,269 8,832 3,857 Plant assets, net 265,161 245,794 215,773 Total assets $ 497,795 $ 429,134 $ 350,600 Liabilities and Equity Accounts payable $ 122,711 $ 71,073 $ 47,205 Long-term notes payable secured by mortgages on plant assets 94,521 96,727 76,708 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 117,063 97,834 63,187 Total liabilities and equity $ 497,795 $ 429,134 $ 350,600
Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentage answers to 1 decimal place.)
SIMON COMPANY
Common-Size Comparative Balance Sheets
December 31, 2015-2017
2017 2016 2015 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 mortgages on plant assets Screenshot(Alt + A) Common stock, $10 par Retained earnings % Total liabilities and equity

Question

02-04-2021
Business

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Common-size percents LO P2 Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 29,076 $ 33,644 $ 34,015 Accounts receivable, net 85,123 60,680 47,668 Merchandise inventory 109,166 80,184 49,287 Prepaid expenses 9,269 8,832 3,857 Plant assets, net 265,161 245,794 215,773 Total assets $ 497,795 $ 429,134 $ 350,600 Liabilities and Equity Accounts payable $ 122,711 $ 71,073 $ 47,205 Long-term notes payable secured by mortgages on plant assets 94,521 96,727 76,708 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 117,063 97,834 63,187 Total liabilities and equity $ 497,795 $ 429,134 $ 350,600
Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentage answers to 1 decimal place.)
SIMON COMPANY
Common-Size Comparative Balance Sheets
December 31, 2015-2017
2017 2016 2015 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 mortgages on plant assets Screenshot(Alt + A) Common stock, $10 par Retained earnings % Total liabilities and equity

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Answer:

Simon Company

SIMON COMPANY

Balance Sheets

At December 31 Current Yr 1 Yr Ago 2 Yrs Ago

Assets % % %

Cash $ 29,076 5.8 $ 33,644 7.8 $ 34,015 9.7

Accounts receivable, net 85,123 17.1 60,680 14.1 47,668 13.6

Merchandise inventory 109,166 21.9 80,184 18.7 49,287 14.1

Prepaid expenses 9,269 1.9 8,832 2.1 3,857 1.1

Plant assets, net 265,161 53.3 245,794 57.3 215,773 61.5

Total assets $ 497,795 100 $ 429,134 100 $ 350,600 100

Liabilities and Equity

Accounts payable $ 122,711 24.7 $ 71,073 16.6 $ 47,205 13.5

Long-term notes payable

secured by mortgages

on plant assets 94,521 19 96,727 22.5 76,708 21.9

Common stock,

$10 par value 163,500 32.8 163,500 38.1 163,500 46.6

Retained earnings 117,063 23.5 97,834 22.8 63,187 18.0

Total liabilities and equity $497,795 100 $429,134 100 $350,600 100

Explanation:

a) Data and Calculations:

SIMON COMPANY

Balance Sheets

At December 31 Current Yr 1 Yr Ago 2 Yrs Ago

Assets

Cash $ 29,076 $ 33,644 $ 34,015

Accounts receivable, net 85,123 60,680 47,668

Merchandise inventory 109,166 80,184 49,287

Prepaid expenses 9,269 8,832 3,857

Plant assets, net 265,161 245,794 215,773

Total assets $ 497,795 $ 429,134 $ 350,600

Liabilities and Equity

Accounts payable $ 122,711 $ 71,073 $ 47,205

Long-term notes payable

secured by mortgages

on plant assets 94,521 96,727 76,708

Common stock, $10 par value 163,500 163,500 163,500

Retained earnings 117,063 97,834 63,187

Total liabilities and equity $ 497,795 $ 429,134 $ 350,600

b) The computation of Simon's common size balance sheet enables the comparison and analysis of the relative percentage of each asset, liability, and equity account. The computation takes a line item and divides it by the value of total assets or total liabilities and equity, as the case may be. The resulting decimal value is multiplied by 100 to obtain the percentage.