Required information Exercise 13-10 Analyzing efficiency and profitability LO P3 [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs 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 secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 30,800 88,000 111,500 10,550 278,000 $518,850 $ 35,000 $ 37,800 61,500 49,500 82,200 54,000 9,300 4,400 257,000 234,000 $445,000 $ 379,700 $ 128,000 $ 73,750 $ 50,400 96,000 162,000 132,850 $518,850 98,250 82,800 162,000 162,000 111,000 84,500 $445,000 $ 379,700 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Yr $ 735,000 $ 455,700 235, 200 11,300 9,400 711,600 $ 23,400 1 Yr Ago $ 550,000 $ 346,500 126,500 13,300 8,875 495,175 $ 54,825 $ 3.38 $ 1.44 For both the Current Year and 1 Year Ago, compute the following ratios: Exercise 13-10 Part 2 (2) Total asset turnover. Total Asset Turnover Choose Denominator: Choose Numerator: II Total Asset Turnover Total asset turnover times Current Year: 1 Year Ago: 1 times