1. Refer to Simon Company’s balance sheets in Exercise 13-6. Analyze its year-end short-term…

1. Refer to Simon Company’s balance sheets in Exercise 13-6. Analyze its year-end short-term liquidity position at the end of 2017, 2016, and 2015 by computing (1) the current ratio and (2) the acid-test ratio. Comment on the ratio results. (Round ratio amounts to two decimals.)

Exercise 13-6:

Simon Company’s year-end balance sheets follow. Express the balance sheets in common-size percents. Round amounts to the nearest one-tenth of a percent. Analyze and comment on the results.

2. Use the financial data for Randa Merchandising, Inc., in Exercise 13-13 to prepare its income statement for calendar-year 2017. (Ignore the earnings per share section.)

Exercise 13-13:

In 2017, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows:

A. Net sales less operating expense section

B. Other unusual and/or infrequent gains (losses)

C. Taxes reported on income (loss) from continuing operations

D. Income (loss) from operating a discontinued segment, or gain (loss) from its disposal Indicate where each of the following income-related items for this company appears on its 2017 income statement by writing the letter of the appropriate section in the blank beside each item.

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