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The company's income statements for the years ended December 31, 2017 and 2016, follow. For Year Ended December 31 Sales 2017 2016 $745,000 $ 530,000
The company's income statements for the years ended December 31, 2017 and 2016, follow. For Year Ended December 31 Sales 2017 2016 $745,000 $ 530,000 Cost of goods sold Other operating expenses Interest expense $454,450 223,500 11,400 $344,500 132,500 13,000 Income taxes 9,550 8,800 Total costs and expenses 698,900 498,800 Net income $ 46,100 $ 31,200 Earnings per share 2.84 1.92 Evaluate the company's efficiency and profitability by computing the following for 2017 and 2016. (2) Total asset turnover. Total Asset Turnover Choose Numerator: Choose Denominator: Total Asset Turnover Total asset turnover 2017 times 2016 times Required information [The following information applies to the questions displayed below] Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 30,400 $ 36,250 $ 37,400 89,500 111,000 10,800 282,000 $523,700 $441,550 $378,900 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 63,500 81,800 9,500 250,500 49,000 54,500 4,000 234,000 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $128,400 $ 75,500 51,e00 97,000 162,500 135,800 99,750 162,500 103,800 $523,700 $441,550 $378,900 82,800 162,500 82,600 Total liabilities and equity The company's income statements for the years ended December 31, 2017 and 2016, follow For Year Ended December 31 Sales 2017 2016 $745,000 $ 530,000
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