Simon Company's year end balance sheets follow. Current YO 2 Yrs Aeo 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, $20 par value Retained earnings Total liabilities and equity 534,658 89,00 114,000 11,161 349,892 $ 599,411 $ 40,512 42,631 62,700 51,100 83,500 55,000 10,614 4,737 319,388 285,932 $ 516,734 $ 439,400 $ 146,265 110,435 162,500 180 208 $599,411 585,581 556,841 116,422 95,165 162,500 162,500 152, 181 124,894 $ 516,734 $ 439,400 The company's income statements for the Current Year and 1 Year Ago follow. Assume that all sales are on credit: For Year Ended December 31 Current Yr 1 Yr Ago Sales $ 779,234 5614,913 Cost of goods sold $475,333 $ 399,693 Other operating expenses 241,563 155,573 Interest expense 13,247 14,143 Income tax expense 10,130 9,224 Total costs and expenses 740, 273 578,633 Net income $ 38,961 $ 35,280 Earnings per share $ 2.40 $ 2.23 (1-a) Compute days' sales uncollected (1-b) For each ratio, determine if it improved or worsened in the current year. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 15 Compute days' sales uncollected. Bays! Sales Uncollected Choose Denominator Cost of goods sold X Choose Numerator: Average accounts receivable, nel 5 779234 Days Days' Sales Uncollected Days Sales Uncollected Current Yr: 1 Yr Agos 0 0 days days X Required 18 ) Exercise 13-8 Part 2 (2-a) Compute accounts receivable turnover (2-6) For each ratio, determine if it improved or worsened in the current year, Complete this question by entering your answers in the tabs below. Required 2A Required 28 Compute accounts receivable turnover, Choose Numerator Accounts Receivable Turnover Choose Denominator: 7 Current Yr: 1 Yr Ago: Accounts Receivable Turnover Accounts receivable turnover O times o times = Required 2B> Exercise 13-8 Part 3 (3-a) Compute inventory turnover (3-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 3A Required 38 Compute Inventory turnover. Inventory Tumover 1 Choose Denominator: Choose Numerator: Inventory Tumover = Inventory turnover 1 times Current Yr: 1 Yr Ago: 1 = times Reque Required 3B > 4-a) Compute days' sales in inventory 4-b) For each ratio, determine if it improved or worsened in the current year, Complete this question by entering your answers in the tabs below. Required 4A Required 48 Compute days' sales in inventory. Choose Numerator: Days Sales In Inventory Choose Denominator X Days 1 X = Days' Sales In Inventory Days' sales in inventory o days O days Current Yr: 1 Yr Ago: = X Required 48 >
