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the pictures are clear Required information (The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow, At December 31 Assets
the pictures are clear
Required information (The following information applies to the questions displayed below.] 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 2017 2016 2015 $ 25,958 $ 30,343 $ 31,929 89,388 63,aee 54,500 111,588 84,500 53.ee 8,359 7,965 3,548 212 829 201, 214 186, 123 $ 448,946 $ 387,022 $ 329,180 $ 189,552 $ 64,899 $ 42,572 82,714 87,235 71,276 162,500 162,500 162,500 94,100 72188 52 752 $ 448,946 $ 387,022 $ 329, 180 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that al sales are on credit: For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income Earnings per share 2017 $ 583,630 $ 356,014 189,925 9,922 7.587 554, 448 $ 29,182 $ 1.80 2016 $ 460,556 $ 299,361 116,521 10,593 6,988 433,383 $ 27,173 $ 1.67 Required information $ 583,630 $ 468,556 Sales Cost of goods sold Other operating expenses Interest expense Incone taxes Total costs and expenses Net income Earnings per share $ 356,014 180,925 9,922 7,587 $ 299,361 116,521 10,593 6,988 554,448 $ 29,182 $ 1.80 433,383 $ 27,173 $ 1.67 (1) Compute days' sales uncollected. Days' Sales Uncollected Choose Denominator: Net sales Days Days' Sales Uncollected .. Choose Numerator: Accounts receivable 2017: $ 2018: $ X 365 **** Days' Sales Uncollected 9,300 63,000 o days o days = (2) Compute accounts receivable turnover. Accounts Receivable Turnover | Choose Denominator: Choose Numerator: 2 Accounts Receivable Turnover Accounts receivable turnover times 2017: / 2016: = times (3) Compute inventory turnover. Inventory Turnover 1 Choose Denominator: Choose Numerator: E / 2017: Inventory Turnover Inventory turnover times timet = = = 1 11 2016: 1 Step by Step Solution
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