Required information [The following information applies to the questions displayed below.] Simon Companys year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 30,200 $ 35,500 $ 37,400 Accounts receivable, net 87,400 62,500 49,500 Merchandise inventory 110,500 83,600 54,000 Prepaid expenses 10,700 9,400 4,000 Plant assets, net 281,000 250,000 229,000 Total assets $ 519,800 $ 441,000 $ 373,900 Liabilities and Equity Accounts payable $ 129,200 $ 73,750 $ 50,000 Long-term notes payable secured by mortgages on plant assets 96,500 100,750 80,400 Common stock, $10 par value 161,500 161,500 161,500 Retained earnings 132,600 105,000 82,000 Total liabilities and equity $ 519,800 $ 441,000 $ 373,900 The companys income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Current Yr 1 Yr Ago Sales $ 765,000 $ 610,000 Cost of goods sold $ 466,650 $ 384,300 Other operating expenses 237,150 146,400 Interest expense 11,200 13,100 Income tax expense 9,500 8,625 Total costs and expenses 724,500 552,425 Net income $ 40,500 $ 57,575 Earnings per share $ 2.51 $ 3.57 For both the Current Year and 1 Year Ago, compute the following ratios: (1-a) Profit margin ratio. (1-b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago? Next Visit question mapQuestion 12 linked to 13 and 14 of 15 Total 12 13 14 of 15 Prev