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, 2017 2016 2015 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 $ 35,400 $ 41,380 $ 41,836 89,300 62,300 50,400 110,500 84,000 58,000 11,400 10,862 4,648 341,639 308,561 259.416 $588,239 $ 507,103 $ 414,300 $ 149,401 $ 87,414 $ 55,781 112,801 118,966 93,392 162,500 162,500 162,500 163,537 138223 102,627 $ 588,239 $ 507,103 $ 414,300 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit: pter 17 - Homework Saved Help 5 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit: :2 of 4 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 $ 764,711 $ 466,474 237,060 13,000 9,941 726,475 $ 38,236 $ 2.35 2016 $ 603,453 $ 392,244 152,674 13,879 9,052 567,849 $ 35,604 5 01:19:45 $ 2.19 Book Hint Exercise 17-8 Part 2 Print (2) Compute accounts receivable turnover. Accounts Recolvable Turnover 1 Choose Denominator Choose Numerator: . 1 Accounts Receivable Turnover Accounts receivable turnover times 1 2017: 2016: times