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 $ 31,000 89, 100 111,500 10.350 277 000 $518,950 $ 35,250 $ 37, 800 62,000 50,500 83,800 54,500 9,400 4,100 254,500 231,000 $444,950 $ 377,900 $128, 800 $ 72,000 $50,200 97,500 162,500 130,150 $518,950 99,000 83,800 162,500 162,500 111, 450 81,400 $444,950 $ 377,900 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 $775,000 $ 449,500 248,000 12,300 9,400 719,200 $ 55,800 $ 3.43 1 Yr Ago $ 600,000 $378,000 138,000 13,000 8,525 537,525 $ 62,475 $ 3.84 For both the Current Year and 1 Year Ago, compute the following ratios: 191 Total seest turnover (2) Total asset turnover. Total Asset Turnover 1 Choose Denominator: Choose Numerator: Total Asset Turnover Total asset turnover Current Year: times 1 Year Ago: times