Chapter 13 Exercise Saved Required information [The following information applies to the questions displayed below.] Part 2 of 2 Simon Company's year-end balance sheets follow. 0.62 points Current Yr 1 Yr Ago 2 Yrs Ago Skipped 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 $ 26,925 89,200 111,500 8,671 224,672 $ 460,968 $ 31,473 $ 32,784 62,800 51,700 83,000 54,000 8,262 3,643 211,851 192,373 $ 397,386 $ 334,500 eBook $ 113,633 $ 66,487 $ 43,712 Hint 85,795 162,500 99,040 90,485 73,185 162,500 162,500 77,914 55,103 397,386 $ 334,500 $ 460,968 Print The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit: References 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 Yr $ 599,258 $365,547 185,770 10,187 7,790 569, 294 29,964 1 Yr Ago $ 472,889 $ 307,378 119,641 10,876 7,093 444,988 $ 27,901 $ $ 1.84 $ 1.72 (2-a) Compute accounts receivable turnover. (2-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 2A Required 2B Compute accounts receivable turnover. Accounts Receivable Turnover 1 Choose Denominator: Choose Numerator: Accounts Receivable Turnover Accounts receivable turnover 7 Current Yr: = times 1 Yr Ago: times