Required Information [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 Long-term notes payable Common stock, $18 par value Retained earnings Total liabilities and equity Current Year 1 Year Ago 2 Years Ago $ 42,918 62,000 $ 36,716 89,500 113,500 11,824 352,646 $ 684,186 $ 154,956 116,995 162,580 169,735 $ 684,186 84,500 11,266 328,166 $ 528,850 $ 98,664 123,389 162,500 144,297 $ 528,850 $ 42,970 51,100 51,000 4,774 271,556 $421,480 $ 57,294 95,923 162,500 105,683 $ 421,480 Current Year $479,128 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 1 Year Ago $ 785,442 $ 619,812 Other operating expenses 243,487 Interest expense Income tax expense 13,353 10,211 $ 482,878 156,812 14,256 9,297 Total costs and expenses Net income 746,171 $ 39,271 Earnings per share $2.42 583,243 $ 36,569 $2.25 (2-a) Compute accounts receivable turnover. (2-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 2A Required 28 Compute accounts receivable turnover. Current Year: 1 Year Ago: Accounts Receivable Turnover Numerator: Denominator: = = Accounts Receivable Turnover Accounts receivable turnover times times