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Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities
Simon Company's year-end balance sheets follow. 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 Current Yr 1 Yr Ago 2 Yrs Ago 31,800 $ 35,625 $ 37,800 89,500 62,500 50,200 112,500 82,500 54,000 9,375 5,000 255,000 230,500 10,700 278,500 $ 523,000 $ 129,900 98,500 163,500 $ 445,000 $ 377,500 $ 75,250 $ 51,250 101,500 163,500 83,500 131,100 $ 523,000 104,750 163,500 79,250 $ 445,000 $ 377,500 The company's income statements for the Current Year and 1 Year Ago, follow. Assume that Current Yr 1 Yr Ago For Year Ended December 31 Sales Cost of goods sold $411,225 $673,500 $345,500 $ 532,000 Other operating expenses 209,550 Interest expense 12,100 Income tax expense 9,525 134,980 13,300 8,845 Total costs and expenses Net income 642,400 $ 31,100 502,625 $ 29,375 Earnings per share $ 1.90 $ 1.80 (1-a) Compute days' sales uncollected. (1-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.
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