Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow. Current Year 1 Year Ago 2 Years 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 Common stock, $10 par value Retained earnings Total liabilities and equity $ 31,800 89,500 112,500 10, 278,500 $ 523,000 $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 $ 37,800 50,200 54,000 5,000 230,500 $ 377,500 $ 129,900 98,500 163,500 131,100 $ 523,000 $ 75,250 101,500 163,500 104,750 $ 445,000 $ 51, 250 83,500 163,500 79,250 $ 377,500 The company's income statements for the current year and one 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 Current Year 673,500 $ 411,225 209,550 12,100 9,525 642,400 $ 31,100 1 Year Ago $ 532,000 $ 345,500 134,980 13,300 8,845 502,625 $ 29,375 Earnings per share $ 1.90 $ 1.80 (1-a) Compute days' sales uncollected. (1-b) Determine if days' sales uncollected improved or worsened in the current year. (2-a) Compute accounts receivable turnover. (2-b) Determine if accounts receivable turnover ratio improved or worsened in the current year. (3-a) Compute inventory turnover. (3-b) Determine if inventory turnover ratio improved or worsened in the current year. (4-a) Compute days' sales in inventory. (4-b) For each ratio, determine if days' sales in inventory improved or worsened in the current year. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2A Required 2B Required 3A Required 3B Required 4A Required 4B Compute days' sales uncollected. Days Sales Uncollected Numerator: Denominator: X Days Days' Sales Uncollected Net sales x 365 Days' sales uncollected Current Year: Average accounts receivable, net $ 76.000 x $ 56,350 X 365 4.1 days A 2 6,735,000 X X 532,000 1 Year Ago: $ X 365 EL 38.7 days Required 1A Required 1B Required 2A Required 2B Required 3A Required 3B Required 4A Required 4B Compute accounts receivable turnover. Accounts Receivable Turnover Numerator: Denominator: Accounts Receivable Turnover Accounts receivable turnover Cost of goods sold / 673,500 Current Year: $ XSS Average accounts receivable, net $ 76,000 56,350 8.9 times 1 Year Ago: $ 532,000 9.4 times Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2A Required 2B Required 3A Required 3B Required 4A Required 4B Compute days' sales in inventory. Days! Sales In Inventory Numerator: Denominator: Days Ending inventory Cost of goods sold x 365 Days' Sales In Inventory Days' sales in inventory 86.5 days Current Year: $ 411 225 X 365 1 Year Ago: 97,500 X 68,250 $ $ S 345,500 X 365 72.1 days