1 Part 1 of 4 Required information [The following information applies to the questions displayed below. Simon Company's year-end balance sheets follow. 2017 2016 2015 eBook 01 $ 23,955 $ 28,001 $ 29,465 89,100 62,300 50,900 110,500 82,500 58,000 7,714 7,350 3,274 183,026 177,000 162,061 $414,295 $357,151 $303,700 Hint At December 31 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 $ 101,096 $ 59,151 $ 39,287 76,330 80,502 65,775 162,500 162,500 162,500 74,369 54,998 36,138 $ 414,295 $357, 151 $ 303,700 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit: For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income Earnings per share 2017 $538,584 $328,536 166,961 9,156 7,002 511,655 $ 26,929 2016 $425,010 $ 276, 257 107,528 9,775 6, 375 399,935 $ 25,075 $ 1.54 $ 1.66 (1) Compute days' sales uncollected. Days' Sales Uncollected I Choose Denominator: Choose Numerator: x Days = Days' Sales Uncollected Days' Sales Uncollected days days = 2017 2016 X = (2) Compute accounts receivable turnover. Accounts Receivable Turnover I Choose Denominator: Choose Numerator: = / II Accounts Receivable Turnover Accounts receivable turnover times times / 2017 2016 = = (3) Compute inventory turnover. Choose Numerator: II Inventory Turnover Choose Denominator: 1 1 1 / 11 Inventory Turnover Inventory turnover times times = 20171 2016 II (4) Compute days' sales in inventory. Choose Numerator: Days' Sales In Inventory 1 Choose Denominator: ~ Days II / X II Days' Sales In Inventory Days' sales in inventory days days 2017 2016 1 / XX