Required information Exercise 13-10 Analyzing efficiency and profitability LO P3 [The following information applies to the questions displayed below.] 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 $ 32,000 88,700 111,000 10,350 282,000 $524,050 $ 36,500 $ 37,200 64,000 49,000 83,400 54,500 9,300 5,500 256,000 234,000 $ 449,200 $ 380,200 $129,600 $ 72,750 $ 50,200 95,000 161,000 138,450 $524,050 99,000 80,600 161,000 161,000 116,450 88, 400 $ 449,200 $ 380, 200 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Current Yr $715,000 $ 436,150 228,800 11,700 9,300 685,950 $ 29,050 1 Yr Ago $ 580,000 $365,400 139,200 13,000 8,900 526,500 $ 53,500 Earnings per share $ 1.80 $ 3.32 For both the Current Year and 1 Year Ago, compute the following ratios: Exercise 13-10 Part 2 (2) Total asset turnover. Total Asset Turnover Choose Numerator: / Choose Denominator: Total Asset Turnover / Total asset turnover Current Year: / = times 1 Year Ago: / times