Required information The following information applies to the questions displayed below. of 3 Simon Company's year-end balance sheets follow. 2017 2015 $ 31,800 $ 35,625 $ 37,800 89,500 62,500 50,200 112.500 82,50054,000 10,700 9.375 5,000 278,500 255.000 230,500 $523,000 $445,000 $377,500 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity recounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $129,900 $ 75,250 $ 51,250 98,500 101,500 $3,500 163,500 163,500 163,500 131, 100 104,750 79,250 $523,000 $445,000 $377,500 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 2017 $673,500 $411,225 209.550 12,100 9,525 642,400 2016 $ 532,000 $345,500 134,980 13,300 8.845 502,625 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 $673,500 $411,225 209.550 12,100 9.525 642,400 $ 31,100 2016 $ 532,000 $345,500 134,980 13,300 8,845 502,625 $ 29, 375 Earnings per share $ 1.90 (2) Compute accounts receivable turnover. Answer is not complete. Accounts Receivable Turnover Choose Numerator: Choose Denominator Average accounts receivable, Accounts Receivable Turnover Accounts receivable turnover Net sales 2017: (8,950,062,500) times 673,500 532,000 2016: 0 times 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 $673,500 $411,225 209,550 12,100 9,525 642.400 $31. 100 2016 $532,000 $345,500 134,980 13,300 8,845 502,625 $ 29,375 Earnings per share (3) Compute inventory turnover. Answer is complete but not entirely correct. Inventory Turnover Inventory Turnover nventory turnover Choose Numerator Cost of goods sold 411,225 $ 345,500 ! Choose Denominator: Average inventory 112.500 $ 54,000 2017: times 2016: 64 times The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit: Por Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income Earnings per share 2017 $673,500 $411,225 209.550 12, 100 9,525 642,400 $ 1.100 2016 $532,000 $345,500 134,980 13,300 8,845 502,625 $ 29,375 $ 1.90 $ 1.80 (4) Compute days' sales in inventory Answer is not complete. Days' Sales In Inventory Choose Denominator: Choose Numerator: Days X Cost of goods sold 365 Ending inventory $ Days' Sales In Inventory Days' sales in inventory 33,306.3 days 0 days 365 l 365 2017: 2016