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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 Year Ago 2 Years Ago Assets Cash $ 26,074 $ 29,582 $ 31,126 Accounts receivable, net 74,089 53,337 40.671 Merchandise inventory 95,016 70,481 43,305 Prepaid expenses 7,985 7,687 3,389 Plant assets, net 230,104 212,420 195.909 Total assets 5.433,260 $ 373,507 $ 314.400 Liabilities and Equity Accounts payable $ 110,041 $ 61,860 $ 41,501 Long-term noten payable 82,269 87,625 67,398 Common stock, $10 par value 163,500 162,500 163,500 Retained earnings 72.458 61.522 42.001 Total abilities and equity $.433,268 $ 373,507 $ 314.400 For both the current year and one year ago, compute the following ratlos: 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? Reg 1 Req 2 and 3 Express the balance sheets in common-size percents. (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, not Merchandise inventory Prepaid expenses Plant assets, net Total assets % Liabilities and Equity Accounts payable % % % Long-term notes payable Common stock. $10 par Retained earnings Total liabilities and equity % % Red Req 2 and 3 > Reg 1 Req 2 and 3 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? Show less 2. Change in accounts receivable 3. Change in merchandise Inventory