Required information [The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow. 2015 2014 2013 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 33,545 $ 39,211 $ 40,036 89,000 62,500 58,100 111,000 82,500 55.000 10.803 10,293 448 318,583 242.816 290.781 Total assets $562,931 $485,285 $400.400 $ 141572 $ 82.833 $ 53.381 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings 106.889 162,500 151.970 89,373 162,500 112.732 162.500 127.220 95,146 112 Total liabilities and equity $562,931 $485 285 $400,400 The company's income statements for the years ended December 31, 2015 and 2014, follow. Assume that all sales are on credit: 2015 2014 $ 731,810 $ 577,489 For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income taxes $446,404 226,861 12.441 9,514 $375,368 146.105 13,282 8,662 Total costs and expenses 543,417 695.220 Net income $ 36,590 $34,072 Earnings per share $ 2.25 2.10 (3) Compute inventory turnover. Inventory Tumover Choose Denominator: Choose Numerator: 1 11 Inventory Turnover Inventory turnover times 2015; 11 2014: 11 times