Exercise 17-10 Efficiency and profitability analysis LO P3 (The following information applies to the questions displayed below) Simon Company's year-end balance sheets follow. 2017 2016 2015 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 $ 31,800 $ 36,250 $ 37,000 87,809 62,000 49,500 112,000 82,600 54,000 10,799 9,200 4,700 280,000 252,000 229,000 $522,380 $442,950 $ 374,200 $128,800 $ 72,500 $ 58,600 97,000 161,000 135,500 $ 522,300 98, 250 82,800 161,000 161,000 110,380 79,800 $ 442,050 $ 374,200 The company's income statements for the years ended December 31, 2017 and 2016, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income Earnings per share 2017 $775,000 $ 449,500 232,500 11,980 9,300 703,200 $71.800 2016 $ 560,000 $ 347,200 134,400 13,200 8.550 503,350 $ 56.650 $ 3.52 Evaluate the company's efficiency and profitability by computing the following for 2017 and 2 Exercise 17-10 Part 2 (2) Total asset turnover.