Simons Inc

question 24

Essay

Simons Inc.sells plasticware.The following information summarizes Simons' operating activities for 2015:
Prepare an income statement for Simons Inc.,a merchandiser,for the year ended December 31,2015 using the format below:

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Definitions:

Marketable Securities

Financial instruments that can be easily converted into cash, such as stocks and bonds, typically held for short-term investment purposes.

Long-term Investments

Long-term investments are assets that a company intends to hold for more than one year, such as stocks, bonds, or real estate.

Current Ratio

This ratio assesses an entity's potential to cover its short-term dues using resources that are expected to be liquidated within a year.

Inventory Turnover

A financial ratio indicating how many times a company has sold and replaced inventory over a given period, used to assess efficiency in managing inventory stock.