W Chapter 13 - Homework D ezto.mheducation.com Sign In M Question 7 - Chapter 13- Homework - Connect how to take screenshot of mac - Google Search Saved Help Save & Exit Submit 7 Part 3 of 4 1.25 points eBook Print References [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 Current Year 1 Year Ago 2 Years Ago $ 26,232 89,600 112,500 8,447 207,826 $ 444,605 $ 110,707 Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity 83,586 162,500 87,812 $ 444,605 $ 30,662 62,900 82,500 8,049 199,169 $ 383,280 $ 64,774 88,154 162,500 67,852 $ 383,280 $ 31,621 51,700 59,000 3,513 173,566 $ 319,400 $ 42,161 70,587 162,500 44,152 $319,400 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 Earnings per share Current Year 1 Year Ago $ 577,987 $ 456,103 $ 352,572 $ 296,167 179,176 9,826 7,514 549,088 $ 28,899 $ 1.78 115,394 10,490 6,842 429,193 $ 26,910 $ 1.66 Mc Graw Hill (3-a) Compute inventory turnover. (3-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. < Prev 78 of 8 Next > Check my work