Chapter 13 HW Simon Company's year-end balance sheets follow. $ 31, 89,500 112,50 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-ters notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 5 35,625 62, 5 82,500 9375 255,eee $445, eee $37.800 5 0,200 54,000 5,000 20, 500 377,500 Part 1 278,502 $523.000 $129,900 9.09 oints $ 75,250 $ 51,250 98,500 163,500 131, 100 $523,000 101,500 163,500 100 $445, 83,500 163,500 19,250 $ 377,500 The company s income statements for the years ended December 31, 2018 and 2017, 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 $411,225 209,550 12,100 9525 $ 345,500 134,980 13,300 3.345 642.400 $ 31,18e $ 502,625 29,375 Earnings per share Exercise 13-8 Part 1 (1) Compute days' sales uncollected. Days Sales Uncollected 1 Choose Denominator: x Days - Choose Numerator: Days' Sales Uncollected Days' Sales Uncollected Idays Total liabilities and equity $523,000 $445,000 $377,500 of 4 the company sincome statements for the years ended December 31, 2018 and 2017, 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 2018 $673,500 $ 411,225 209,550 12,100 9.525 642,400 $31,109 2017 $ $32,000 $ 345,500 134,980 13,300 8,845 502,625 $ 29,375 $ 1.90 $ 1.80 Exercise 13-8 Part 1 (1) Compute days' sales uncollected. 1 Days Sales Uncollected Choose Denorninator: Choose Numerator: X Days - - Days' Sales collected Days' Sales Ur collected Days 2018: = days 2017