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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. Current Year 1 Year Ago 2 Years Ago At December 31 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 value Retained earnings Total liabilities and equity $ 37, 688 108, 162 133, 300 11,899 335, 212 $ 626, 261 $ 42,327 73, 316 96, 881 11,111 316, 245 $ 539, 880 $ 43, 204 60,575 65, 164 4,998 275, 959 $ 449,900 $ 154, 380 120,092 162,500 189, 289 S 626, 261 $ 92, 152 122,931 163,500 161, 297 $ 539, 880 $ 57, 605 97,439 162,500 132, 356 $ 449, 900 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? 2 Years Ago % SIMON COMPANY Common-Size Comparative Balance Sheets December 31 Current Year 1 Year Ago Assets Cash 6.01% % Accounts receivable, net 17.3 Merchandise inventory 21.3 Prepaid expenses 1.9 Plant assets, net 53.5 Total assets 100.0% % Liabilities and Equity Accounts payable 24.7% % Long-term notes payable 19.2 Common stock, $10 par 25.9 Retained earnings 30.2 Total liabilities and equity 100.0% 1% % % 1%