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    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 % % %.

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    https://brainmass.com/business/balance-sheet/common-size-percents-simeon-company-219471

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    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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