$31,800 89,500 Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 11 Assets Cash Accounts receivable, net Herchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable: Current Year 1 Year Ago 2 Years Ago. $ 35,625 $ 37,000 62,500 50,200 82,500 9,375 255,000 $445,000 54,000 5,000 230,500 $ 377,500 $ 75,250 $51,250 101,500 83,500 163,500 163,500 104,750 $445,000 Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity 112,500 10,700 278,500 $ 523,000 $ 129,900 98,500 163,500 131,100 $ 523,000 79,250 $377,500 The company's income statements for the current year and 1 year ago, follow For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Current Year $ 673,500 $411,225 209,550 12,100 9,525 1 Year Age $532,000 $ 345,500 134,900 13,300 8,845 Wi Saved Retained earnings Total liabilities and equity 151,100 $ 523,000 104,750 $445,000 79,250 $ 377,500 The company's Income statements for the current year and 1 year ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses. Current Year 1 Year Ago $ 673,500 $532,000 $ 411,225 209,550 12,100 9,525 $ 345,500 134,980 13,300 8,845 642,400 502,625 $31,100 Net income Earnings per share $1.90 For both the Current Year and 1 Year Ago, compute the following ratios: (2) Compute total asset turnover for the current year and one year ago Total Asset Turnover $29,375 $1.00 Current Year: 1 Year Ago: 1 Numerator: T T Denominator: W Total Asset Turnover Total asset turnover times times