6 Part 2 of 4 2.14 points 2 Years Ago Required information [The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago Assets Cash $ 34,239 $ 40,022 Accounts receivable, net B9, 200 62,900 Merchandise inventory 111,500 84,000 Prepaid expenses 11,026 10,506 Plant assets, net 334,360 302, 852 Total assets $ 580,325 $ 500,280 Liabilities and Equity Accounts payable $ 144, 501 $ 84,547 Long-term notes payable 109, 101 115,064 Common stock, $10 par value 162,500 162,500 Retained earnings 164,223 138, 169 Total liabilities and equity $ 580, 325 $ 500,280 $ 41,273 50,500 51,000 4,586 269541 $ 416,900 eBook Print $ 55,031 92,135 162,500 107,234 $ 416,900 References The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Year $ 754,423 $ 460, 198 233, 871 12,825 9,807 716, 701 $ 37,722 1 Year Ago $ 595,333 $ 386,966 150,619 13,693 8,930 560,208 $ 35,125 $ 2.32 $ 2.16 (2-a) Compute accounts receivable turnover. (2-b) For each ratio, determine if it improved or worsened in the current year