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Simon Company's year-end balance sheets follow.

At December 31	Current Year	1 Year Ago	2 Years Ago
Assets
Cash	$ 24,111	$ 28,184	$ 30,856
Accounts receivable, net	71,294	49,322	40,742
Merchandise inventory	86,976	65,834	43,399
Prepaid expenses	7,765	7,324	3,362
Plant assets, net	222,649	205,194	184,241
Total assets	$ 412,795	$ 355,858	$ 302,600
Liabilities and Equity
Accounts payable	$ 105,870	$ 60,741	$ 40,742
Long-term notes payable	76,829	81,847	65,537
Common stock, $10 par value	162,500	163,500	162,500
Retained earnings	67,596	49,770	33,821
Total liabilities and equity	$ 412,795	$ 355,858	$ 302,600

For both the current year and one year ago, compute the following ratios:

The companys income statements for the current year and one year ago, follow.

For Year Ended December 31	Current Year		1 Year Ago
Sales		$ 536,634		$ 423,471
Cost of goods sold	$ 327,347		$ 275,256
Other operating expenses	166,357		107,138
Interest expense	9,123		9,740
Income tax expense	6,976		6,352
Total costs and expenses		509,803		398,486
Net income		$ 26,831		$ 24,985
Earnings per share		$ 1.65		$ 1.54

(1) Debt and equity ratios. (2-a) Compute debt-to-equity ratio for the current year and one year ago. (2-b) Based on debt-to-equity ratio, does the company have more or less debt in the current year versus one year ago? (3-a) Times interest earned. (3-b) Based on times interest earned, is the company more or less risky for creditors in the Current Year versus 1 Year Ago?

2. For both the Current Year and 1 Year Ago, compute the following ratios:

(1-a) Profit margin ratio. (1-b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago?

(2) Total asset turnover.

(3-a) Return on total assets. (3-b) Based on return on total assets, did Simon's operating efficiency improve or worsen in the Current Year versus 1 Year Ago?

3. For both the current year and one year ago, compute the following ratios: 1. Return on equity. 2. Dividend yield. 3a. Price-earnings ratio on December 31. 3b. Assuming Simon's competitor has a price-earnings ratio of 7, which company has higher market expectations for future growth?

Complete this question by entering your answers in the tabs below. Compute the acid-test ratio for each of the three years