! Required information Exercise 13-8 (Algo) Analyzing and interpreting liquidity LO P3 [Alternate Version] [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Current Year 1 Year Ago 2 Years Ago $ 30,946 62,600 $ 26,474 89,500 114,000 8,526 214,750 $ 453,250 $ 111,731 Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity 84,359 162,500 94,660 $ 453,250 83,500 8,123 205,564 $ 390,733 $ 65,374 88,970 162,500 73,889 $ 390,733 $ 32,235 50,900 52,000 3,582 190,183 $ 328,900 $ 42,981 71,960 162,500 51,459 $ 328,900 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: 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 Year $ 589,225 $ 359,427 1 Year Ago $ 464,972 182,660 10,017 7,660 $ 29,461 $ 1.81 $ 302,232 117,638 10,694 6,975 437,539 $ 27,433 $ 1.69 559,764 Exercise 13-8 (Algo) Part 3 (Alternate Version] (3-a) Compute inventory turnover. (3-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute inventory turnover. Current Year: 1 Year Ago: Inventory Turnover Numerator: Denominator: = Inventory Turnover Inventory turnover 0 times 0 times < Required 3A Required 3B >