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! Required information Exercise 17-8 Liquidity analysis and interpretation LO P3 [The following information applies to the questions displayed below) Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 29,705 $ 34,722 $ 36,538 Accounts receivable, net 89,900 62,400 55,600 Merchandise inventory 112,000 84,000 58,000 Prepaid expenses 9,566 9,115 4,860 Plant assets, net 272,572 252,645 222,402 Total assets $ 513,743 $ 442,882 $ 376,600 Liabilities and Equity Accounts payable $ 125,364 $ 73,350 $ 48,717 Long-tern notes payable secured by mortgages on plant assets 94,652 99,826 81,564 Connon stock, $10 par value 162,500 162,500 162,500 Retained earnings 131,227 107,206 83,819 Total liabilities and equity $ 513,743 $ 442,882 $ 376,600 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit: For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net Income Earnings per share 2017 $ 667,866 5407,398 207,038 11,354 8.682 634,472 $ 33,394 $ 2.06 2016 $ 527,030 $ 342,570 133,339 12,122 7,905 Als, 936 5 S 31,094 1.91 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income Earnings per share 2017 $ 667,866 $ 407,398 207,038 11,354 8,682 634,472 $ 33,394 $ 2.06 2016 $ 527,038 $ 342,570 133,339 12,122 7,995 495,936 $ 31,094 $ 1.91 Exercise 17-8 Part 1 (1) Compute days' sales uncollected Days' Sales Uncollected Choose Numerator: 1 Choose Denominator: X Days X = Days' Sales Uncollected Days' Salos Uncollected days 1 x 2017: 2016: X days [The following information applies to the questions displayed below] Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 29,705 $ 34,722 $ 36,538 Accounts receivable, net 89,900 62,400 55,600 Merchandise inventory 112, eee 84,000 58,000 Prepaid expenses 9,566 9,115 4,060 Plant assets, net 272,572 252,645 222,402 Total assets $ 513,743 $ 442,882 $376,600 Liabilities and Equity Accounts payable $ 125,364 $ 73,350 $ 48,717 Long-term notes payable secured by mortgages on plant assets 94,652 99,826 81,564 Common stock, $10 par value 162,500 162,500 162,500 Retained earnings 131,227 107,206 83,819 Total liabilities and equity $ 513,743 $ 442,882 $ 376,600 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are credit For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income Earnings per share 2017 $ 667,866 $ 407,398 207,038 11,354 8,682 634,472 $ 33,394 $ 2.06 2016 $ 527,630 $ 342,570 133,339 12,122 7,985 495,936 I $ 31,094 $ 1.91 Exercise 17-8 Part 2 For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income Earnings per share 2017 $ 667,866 $ 407,398 207,038 11,354 8,682 634,472 $ 33,394 2016 $ 527,030 $ 342,570 133,339 12,122 7,905 495,936 $ 31, e94 $ 1.91 $ 2.06 Exercise 17-8 Part 2 (2) Compute accounts receivable turnover. Accounts Receivable Turnover 7 Choose Denominator: Choose Numerator Accounts Receivable Turnover Accounts receivable turnover times 2017: 2016: times