Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago 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 $ 28,460 89,300 112,000 9,165 238,666 $ 477,591 $ 33,267 $ 33,967 62,200 51,500 83,000 53,000 8,732 3,774 224,517 197,459 $ 411,716 $ 339,700 $ 120,109 $ 70,276 $ 45, 289 90,685 162,500 104, 297 $ 477,591 95,642 75,824 162,500 162,500 83,298 56,087 $ 411,716 $ 339,700 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 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Yr $ 620,868 $ 378,729 192,469 10,555 8,071 589,824 $ 31,044 1 Yr Ago $ 489,942 $ 318,462 123,955 11,269 7,349 461,035 $ 28,907 $ 1.91 $ 1.78 Exercise 13-8 Part 2 2-a) Compute accounts receivable turnover. 2-b) For each ratio, determine if it improved or worsened in the current year. Required 2A Required 2B Compute accounts receivable turnover. Accounts Receivable Turnover Choose Numerator: 1 Choose Denominator: Accounts Receivable Turnover / Accounts receivable turnover Current Yr: / times 1 Yr Ago: 1 times