Simon Company's year-end balance sheets follow. The company's income statements for the years ended December 31, 2017, and 2016, also follow. Assume that all sales are on credit: SIMON COMPANY Comparative Balance Sheets December 31, 2015 - 2017 2016 2015 SIMON COMPANY Income Statements 2017 $673,500 Cost of goods sold 411,225 Other operating expenses 209,550 Interest expense 12.100 Income taxes 9.525 Total costs and expenses 642.400 Net income $31,100 $37,800 50.200 54,000 $31,800 89.500 112.500 10.700 278.500 $523,000 $35,625 62.500 82.500 9.375 255,000 $445,000 2016 $532.000 345,500 134,980 13,300 8.845 502.625 $29,375 5.000 230.500 $377,500 Earnings per share $1.90 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 Totallialities and equity $ 1.80 $51,250 $129,900 98.500 $75,250 101,500 83.500 163,500 131,100 5523.000 163,500 104,750 $445.000 163,500 79.250 $377.500 1. Compute accounts receivable turnover. (.5 point) 2. Comment on the company's receivables efforts - say which year was the best for accounts receivable collections. (.5 point) 3. Compute inventory turnover for year ended 2016 and 2017 (.5 point) Tory Enterprises pays $236,700 for equipment that will last five years and have a $46,700 salvage value. By using the equipment in its operations for five years, the company expects to earn $81,900 annually, after deducting all expenses except depreciation. Prepare a table showing income before depreciation, depreciation expense, and net (pretax) income for each year and for the total five-year period, assuming double-declining balance depreciation is used. (1.5 point)