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Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 O Current Year 1 Year Ago 2 Years Ago Assets Cash $ 34,733 $ 35,818 $ 29,714 89,700 Accounts receivable, net 62,900 51,200 Merchandise inventory 110,500 84,000 53,000 Prepaid expenses 3,980 9,569 264,143 9,117 243,410 Plant assets, net 217,802 $361,800 Total assets $ 503,626 $ 434,160 Liabilities and Equity Accounts payable $ 125,403 $ 73,373 $ 47,758 Long-term notes payable. 94, 682 162,500 121, 041 99,857 162,500 79,958 162,500 Common stock, $10 par value Retained earnings 98,430 71,584 Total liabilities and equity $ 503,626 $ 434,160 $361,800 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: Current Year 1 Year Ago For Year Ended December 31 Sales $ 654,714 $ 516,650 Cost of goods sold $ 399,376 Other operating expenses 202,961 $ 335,823 130,712 11,883 7,750 Interest expense 11,130 Income tax expense: 8,511 Total costs and expenses 621,978 $32,736 $2.01 486,168 $ 30,482 Net income Earnings per share $ 1.88 (2-a) Compute accounts receivable turnover. (2-b) For each ratio, determine if it improved or worsened in the current year. Required 2A Required 2B Compute accounts receivable turnover. Numerator: Current Yr: 1 Yr Ago: Accounts Receivable Turnover Denominator: 1 1 1 Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute inventory turnover. Inventory Turnover Numerator: I = 1 = Current Yr: / 1 Yr Ago: Denominator: 4-a) Compute days' sales in inventory. (4-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 4A Required 4B Compute days' sales in inventory. Days' Sales In Inventory. Denominator: Numerator: Days Current Yr: 1 Yr Ago: (1) Compute debt and equity ratio for the current year and one year ago. Debt Ratio Numerator: 1 Denominator: / Current Year: 1 1 Year Ago: 1 Equity Ratio Numerator: 1 Denominator: 1 1 Current Year: 1 Year Ago: 7 11 = = 11 11 = = = Debt Ratio Debt ratio % % Equity Ratio Equity ratio % % (2) Compute debt-to-equity ratio for the current year and one year ago. Debt-To-Equity Ratio Numerator: T Denominator: = Current Year: 1 Year Ago: 1 = = = Debt-To-Equity Ratio Debt-to-equity ratio to 1 to 1