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Required information [The following information applies to the questions displayed below.j Simon Company's year-end balance sheets follow 2016 2015 At December 31 Assets Cash Accounts
Required information [The following information applies to the questions displayed below.j Simon Company's year-end balance sheets follow 2016 2015 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 2017 $ 31,393 36,695 $ 38,224 89,100 62,700 51,100 113,000 82,500 55,000 10,109 29 109 9,632 4,247 293,849 271,793 241,429 $537,451 $463,320 $390,000 $132,487 $ 77,518 $ 50,965 secured by mortgages on plant assets 100,030 105,498 85,328 Common stock, $10 par value 162,500 162,500 162,500 142,434 117,804 91,207 Retained earnings Total liabilities and equity $537,451 $463,320 $390,000 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income 2017 2016 $551,351 $698,686 426,198 216,593 11,878 $358,378 139,492 12,681 9,083 8,270 663,752 34,934 $ 2.15 518,821 $ 32,530 $ 2.00 Earnings per share (2) Compute accounts receivable turnover Accounts Receivable Turnover = Accounts Receivable Choose Numerator , choose Denominator: Turnover Accounts receivable turnover times times 2017: 2016: 1
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