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Question - Simon Company's year-end balance sheets follow.
At December 31
Current Yr
1 Yr Ago
2 Yrs Ago
Assets Cash
$36,725
$42,928
$42,968
Accounts receivable, net
106,440
75,876
59,026
Merchandise inventory
131,152
101,257
62,875
Prepaid expenses
11,945
11,607
4,871
Plant assets, net
336,196
304,934
268,660
Total assets
$622,458
$536,602
$438,400
Liabilities and Equity Accounts payable
$154,992
$92,499
$57,290
Long-term notes payable secured by mortgages on plant assets
117,022
123,418
97,855
Common stock, $10 par value
162,500
Retained earnings
187,944
158,185
120,755
Total liabilities and equity
Required -
(1) Compute the current ratio for each of the three years.
(2) Did the current ratio improve or worsen over the three year period?
(3) Compute the acid-test ratio for each of the three years.
(4) Did the acid-test ratio improve or worsen over the three year period?
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