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 $ 31,800 89,500 112,500 10,700 278,500 $523,000 $ 35,625 $ 37,800 62,500 50,200 82,500 54,000 9,375 5,000 255,000 230,500 $445,000 $377,500 $129,900 $ 75,250 $ 51,250 98,500 101,500 83,500 163,500 163,500 163,500 131, 100 104,750 79,250 $523,000 $445,000 $377,500 The company's income statements for the current year and 1 year ago, follow. For Year Ended December 31 Current Yr 1 Yr Ago Sales $673,500 $ 532,000 Cost of goods sold $411,225 $345,500 Other operating expenses 209,550 134,980 Interest expense 12,100 13,300 Income tax expense 9,525 8,845 Total conts and expenses 642,400 502,625 CO Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does no 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 Current Yr $673,500 $411,225 209,550 12,100 9.525 642,400 $ 31,100 $ 1.90 1 Yr Ago $ 532,000 $345,500 134,980 13,300 8,845 502,625 $ 29,375 S 1.80 Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: Exercise 13-10 Part 2 (2) Total asset turnover. Answer is not complete. Total Asset Turnover Choose Numerator: 1 Chooso Denominator: Total Asset Turnover Total asset turnover 11 Current Year: $ 1.4 times 715,000 17 $ 560,000 $ 514,050 = 445,600 1 Year Ago: $ 1.3 times