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 $ 35,071 89,600 110,000 11, 294 354,465 $ 600,430 $ 40,995 $ 42,703 62,700 51,200 83,500 55,000 10,761 4,745 319,656 282,052 $ 517,612 $ 435,700 $ 148,012 $ 86,602 $ 56,937 111,752 162,500 178,166 $ 600,430 117,860 162,500 150,650 $ 517,612 95,327 162,500 120,936 $ 435,700 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 Total costs and expenses Net income Earnings per share Current Yr $ 780,559 $ 476,141 241,973 13,270 10,147 741,531 $ 39,028 $ 2.40 1 Yr Ago $ 615,958 $ 400,373 155,837 14,167 9,239 579,616 $ 36,342 $ 2.24 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. Choose Numerator: Inventory Turnover 1 Choose Denominator: = Inventory Turnover Inventory turnover Current Yr: 1 Yr Ago: 0 times 0 times [ 1 = Required 3A Required 3B > (4-a) Compute days' sales in inventory. (4-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 4A Required 4B Compute days' sales in inventory. Days' Sales In Inventory. Choose Denominator: Choose Numerator: I Days = = Days' Sales In Inventory Days' sales in inventory 0 days 0 days Current Yr: 1 Yr Ago: Required 4A Required 4B >