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Required information [The following information applies to the questions displayed below] Simon Company's yearend balance sheets follow. At December 31 2017 2016 2315 Assets Cash 3 31, 333 a; 35,325 $ 37,333 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 32,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 273, 500 255,000 230,500 Total assets $523,000 $445,000 $377, 500 Liabilities and Equity Accounts payable $129,900 $ 75,250 $ 51,250 Long-term notes payable secured by mortgages on plant assets 93, 533 131,533 33,533 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 131,100 104,750 79,250 Total liabilities and equity $523,000 $445,000 $377, 500 The company's income statements for the years ended December 31, 2017 and 2016, follow. For Year Ended December 31 2017 2916 Sales $073, 500 $ 532, 000 cost of goods sold $411,225 $345,500 other operating expenses 209,550 134,980 Interest expense 12,100 13,300 Income taxes 9,525 6,345 Total costs and expenses 642,400 502,625 Net income $ 31,100 $ 29,375 Earnings per share $ 1.90 $ 1.00 Evaluate the com pany's efciency and profitability by computing the following for 2017 and 2016. (2) Total asset turnover. x Answer is complete but not entirely correct. Total Asset Turnover Choose Numerator: Choose Denominator: Total Asset Turnover Net sales Average total assets Total asset turnover 2017 $ 673,500 $ 488,500 X = 1.4 times 2016 $ 532,000 411,250 1.3 times(3) Return on total assets. 0 Answer is complete but not entirely correct. Net income 9 Average total assets 9 = Return on total assets 2017 5 31,100 9 $ 434,675 0 = 6.4 % 2016 $ 29,3?5 0 5 411,250 9 = 7.1 %