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, $10 par value Retained earnings Total liabilities and equity Current Year 1 Year Ago 2 Years Ago $ 29,030 51,500 59,000 $ 23,360 89,200 112,000 7,523 176,094 $ 408,177 $ 98,587 74,435 162,500 72,655 $ 408,177 $ 27,306 62,300 83,500 7,168 171,603 $ 351,877 $ 57,683 78,504 162,500 53,190 $ 351,877 3,226 159,544 $ 302,300 $ 38,706 64,804 162,500 36,290 $ 302,300 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 $ 530,630 $ 323,684 164,495 9,021 6,898 $ 26,532 504,098 $ 1.63 1 Year Ago $ 418,734 $ 272,177 105,940 9,631 6,281 394,029 $ 24,705 $ 1.52 (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. Inventory Turnover Numerator: Cost of goods sold Denominator: Average inventory Inventory Turnover = Inventory turnover Current Year: = 0 times 1 Year Ago: 0 times Required 3A Required 3B > Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Current Year 1 Year Ago 2 Years Ago Cash $ 23,360 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Common stock, $10 par value Long-term notes payable Retained earnings Total liabilities and equity 89,200 112,000 7,523 176,094 $ 27,306 62,300 83,500 7,168 171,603 $ 408,177 $ 351,877 $ 98,587 74,435 162,500 72,655 $ 57,683 78,504 162,500 53,190 $ 408,177 $ 351,877 $ 29,030 51,500 59,000 3,226 159,544 $ 302,300 $ 38,706 64,804 162,500 36,290 $ 302,300 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 $ 530,630 $ 323,684 164,495 9,021 6,898 504,098 $ 26,532 $ 1.63 1 Year Ago $ 418,734 $ 272,177 105,940 9,631 6,281 $ 24,705 $ 1.52 394,029 (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 2B Compute accounts receivable turnover. Accounts Receivable Turnover Numerator: Denominator: Accounts Receivable Turnover Net sales Average accounts receivable, net = Current Year: $ 1 Year Ago: $ 530,630/ 418,734 / Accounts receivable turnover 0 times 0 times