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 Current Year 1 Year Ago 2 Years Ago $ 23,734 89,500 $ 27,742 $ 29,193 63,000 51,600 111,500 7,643 178,098 84,000 7,282 171, 834 51,000 3,244 165,863 $ 300,900 $ 410,475 $ 353,858 $ 100, 164 $ 58,606 $ 38,924 Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity 75,626 162,500 72,185 79,760 162,500 52,992 $ 410,475 $ 353,858 65,169 162,500 34,307 $ 300,900 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: For Year Ended December 31 Sales Current Year $ 533,618 1 Year Ago $ 421,091