Cher Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yes Ago 50,490 I $ 31, 350 89, 100 111,000 10,096 279,394 $ 520,940 $ 36,645 5 37,050 62,700 82,000 54,000 9,619 4,117 258,122 221.333 $ 449,086 $ 366,900 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 volue Retained earnings Total liabilities and equity $ 132,308 $ 77,413 $ 49,399 99,895 162,500 126,237 $ 520,940 105,356 82,707 162,500 162,500 103,817 72, 294 $ 449,086 5 366,900 that all cales are on credit Check The company's income statements for the Current Year and 1 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 Yr $ 677,222 $ 413,105 209,939 11,513 8,804 643,361 $ 33,861 $ 2.08 1 Ye Ago $ 534,412 $ 347,368 135,286 12,291 8,016 502,881 $ 31,531 $ 1.94 (3-6) Compute inventory turnover (3-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 3A Required 3B Compute Inventory turnover. Choose Numerator: Inventory Tumover 1 Choose Denominator: 1 Inventory Turnover Inventory turnover times Smes Current Yr: 1 Yr Ago: Required 30 > Prev 6 7 of 9 !!! Next > SHIFM 517