work Help Save 2017 2016 2015 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 $ 34, 356 $ 40,159 $ 42,695 89, 300 62,100 58,400 112,000 84,000 55,000 11,064 10,542 4,744 353,596 320,713 283,761 $600, 316 $517,514 $444,600 $144,994 $ 84,836 $ 56,927 109,474 115,457 95,309 162,500 162,500 162,500 183, 348 154,721 129,864 $600,316 $517,514 $444,600 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all 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 $780,411 $476,051 241, 927 13,267 10, 145 741,390 $ 39,021 2016 $615,842 $400, 297 155,808 14,164 9,238 579,507 $36,335 $ 2.40 $ 2.24 Exercise 13-8 Part 1 (1) Compute days' sales uncollected Days' Sales Uncollected ! Choose Denominator: Choose Numerator: Days Days' Sales Uncollected Days' Sales Uncollected 2017: 60 days 2016: o days Exercise 13-8 Part 3 (3) Compute inventory turnover. Inventory Turnover Choose Denominator: Choose Numerator: Inventory Turnover Inventory turnover times 2017: 2016: times Exercise 13-8 Part 4 (4) Compute days' sales in inventory. Days' Sales In Inventory Choose Denominator: Choose Numerator: Days - Days' Sales In Inventory Days' sales in inventory days 2017: 2016: days nces