Required information [The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow. Current Yr1 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 Common stock, $10 par value Retained earnings Total liabilities and equity $ 30,400 $ 36,000 $ 38,000 87,900 62,000 49,500 111,000 81,200 54,500 10,900 9,250 4,500 278,000 248,500 227,000 $518, 200 $436,950 $ 373,500 $128,400 97,000 162,500 130,300 $518,200 $ 75,250 $ 50,600 98,750 80,600 162,500 162,500 100,450 79,800 $436,950 $ 373,500 The company's income statements for the Current Year and 1 Year Ago, follow. 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 $755,000 $453,000 234,050 11,800 9,300 708, 150 $ 46,850 $ 2.88 1 Yr Ago $ 550,000 $346,500 126,500 13,100 8,825 494,925 $ 55,075 $ 3.39 For both the Current Year and 1 Year Ago, compute the following ratios: (2) Total asset turnover. 11 Total Asset Turnover Choose Numerator: 1 Choose Denominator: = Total Asset Turnover 7 Total asset turnover 46,850 $ 755,000 - 0.1 times 0 times Current Year: 1 Year Ago: 11