Required information [The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow, Current Yr 1 Yr Ago 2 Yrs Ago 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 $ 34,579 89,300 114,000 11,136 349,032 $598, 047 $ 40, 420 $ 42,534 62,500 51,700 82,500 56,000 10,610 4,726 319,528 283, 440 $ 515,558 $ 438, 400 $145,935 $ 85,387 $ 56,711 119, 184 162,500 179,428 $598,047 116, 207 94,949 162,500 162,500 151,464 124, 240 $ 515,558 $ 438, 400 The company's income statements for the Current Year and 1 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 Anne Current Yr $ 777,461 $ 474,251 241,013 13,217 10, 107 738,588 1 Yr Ago $ 613,514 $ 398,784 155, 219 14,111 9, 203 577,317 , , 114,000 11, 136 349,032 $598,047 82,500 56,000 10,610 4,725 319,528 283,440 $ 515,558 $ 438, 400 MLLUT I ELeivauce, HEL 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 $145,935 $ 85,387 $ 56,711 110, 184 162,500 179,428 $598,047 116, 207 94,949 162,500 162,500 151, 464 124,240 $ 515,558 $ 438,400 The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sale credit: For Year Ended December 31 Current Yr 1 Yr Ago Sales $ 777,461 $ 613,514 Cost of goods sold $ 474,251 $ 398,784 Other operating expenses 241,013 155, 219 Interest expense 13,217 14,111 Income tax expense 10, 107 9, 203 Total costs and expenses 738,588 577,317 Net income $ 38,873 $ 36,197 $ 2.39 $ Earnings per share 2.23 Net income $ 36, $ 38,873 $ 2.39 Earnings per share $ (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 1 Choose Denominator: Choose Numerator: Accounts Receivable Tumover Accounts receivable turnover / times Current Yr: times 1 Yr Ago: Roque 2 Required 28 Saved Help Save & Exit LEIL Capelse Income tax expense Total costs and expenses Net income 13,217 10,107 141 9,203 738,588 $ 38,873 $ 2.39 577,317 $ 36,197 $ 2.23 Earnings per share (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 For each ratio, determine if it improved or worsened in the current year. Accounts receivable turnover Hed
