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Required information Use the following information for the Exercises below. (Algo) The following information applies to the questions displayed below) Simon Company's year-end balance sheets follow. Current Year 1 Year Aco 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 $ 26,665 78,070 96,176 8,937 251,316 $461,164 $ 31,804 55,101 72,077 8,349 230,224 $ 397,555 $ 32,477 42,874 45,199 3,680 290,570 $ 324,800 $ 117,126 87,566 163,500 92,972 5 461,164 $ 65,843 94,181 163,500 74,031 $ 397,555 $ 43,731 71,063 163,580 46,506 $ 324,800 For both the current year and one year ago, compute the following ratios Exercise 13-6 (Algo) Common-size percents LO P2 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable? Reg 1 Reg 2 and 3 Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentage answers to 1 decimal place.) SIMON COMPANY Common-Size Comparative Balance Sheets December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash 96 % Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets 96 % Liabilities and Equity Accounts payable % % 96 Long-term notes payable Common stock $10 par Retained earnings Total abilities and equity Reg 1 Reg 2 and 3 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable? Show less 2 Change in accounts receivable 3. Change in merchandise inventory