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Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Current Year 1 1 Year Age 2 Years Ago Assets Cash $26, 964 $33,056 $35,987 Accounts recenable, net 85, 659 59,653 47,022 Merchandise inventory 105 546 79,890 50,585 Pretaid expenses 9, 708 9.159 4.038 Plant assets , ret 271,055 249,080 225,868 Total assets $500,932 $431,838 $363,560 Liabilities and Equity Accounts payable $ 125.979 $ 71,521 $ 46,942 Long-term notes payable 96 055 95 323 79,530 Common stock, $10 par Value 162 500 163,500 163,500 Retained earnings 116, 394 97 494 71,528 Total liabilities and equity $ 500,932 $ 431,838 $ 363,500 For both the current year and one year ago, compute the following ratios: Exercise 17-6 (Algo) Common-size percents LO P2 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable? Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Express the balance sheets in common-size percents. Note: Do not round intermediate calculations and round your final percentage answers to 1 decimal place. SIMON COMPANY Common-Size Comparative Balance Sheets December 31 Current Year 1 Year Ago 2 Years Ago Assets % % Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net % % % Total assets Liabilities and Equity % % Accounts payable Long-term notes payable Common stock, $10 par. Retained earnings 9%