Purchase Solution

# Common Size Percents for Simeon Company

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Question 1:

Exercise 13-6: Common-size percents L.O. P2

Simeon Company's year-end balance sheets follow:
2009 2008 2007
Cash \$ 31,800 \$ 35,625 \$ 37,800
Accounts receivable, net 89,500 62,500 50,200
Merchandise inventory 112,500 82,500 54,000
Prepaid expenses 10,700 9,375 5,000
Plant assets, net 278,500 255,000 230,500
Total assets \$ 523,000 \$ 445,000 \$ 377,500
Accounts payable \$ 129,900 \$ 75,250 \$ 51,250
Long-term notes payable secured by mortgages on plant
assets 98,500 101,500 83,500
Common stock, \$10 par value 163,500 163,500 163,500
Retained earnings 131,100 104,750 79,250
Total liabilities and equity \$ 523,000 \$ 445,000 \$ 377,500

Required:

Express the balance sheets in common-size percents. (Round your answer to 1 decimal place. Omit the "%"
sign which is provided for you. It is okay if totals in columns do not add to 100% due to rounding.)

Simeon Company
Common-Size Comparative Balance Sheets
December 31, 2007-2009
2009 2008 2007
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
Common stock, \$10 par value
Retained earnings
Total liabilities and equity % % %.

##### Solution Summary

The solution assists with expressing the balance sheets in common-size percents. Both the problem and the answers are straightforward and well explained.

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