Question: part 1 & 2 pls help! Required information The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow. At December





Required information The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 37,332 $ 43,637 $ 44,556 Accounts receivable, net 89, 100 62,500 50,300 Merchandise inventory 112,500 84,500 58,000 Prepaid expenses 12,022 11,455 4,951 Plant assets, net 375,524 337,975 287,793 Total assets $626,478 $ 540, 067 $ 445,600 Liabilities and Equity Accounts payable $157,553 $ 92,184 $ 59,407 Long-term notes payable secured by mortgages on plant assets 118, 956 125,458 99,462 Common stock, $10 par value 162,500 162,500 162,500 Retained earnings 187,469 159,925 124,231 Total liabilities and equity $626,478 $540,067 $ 445,600 The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit: For Year Ended December 31 Current Yr 1 Yr Ago Sales $ 814,421 $ 642,680 Cost of goods sold $ 496,797 $ 417,742 Other operating expenses 252, 471 162,598 Interest expense 13,845 14,782 Income tax expense 10,587 9,640 Total costs and expenses 773,700 604,762 Net income $ 40,721 $ 37,918 $ 2.51 $ 2.33 Earnings per share Required 2A Required 28 Compute accounts receivable turnover. Accounts Recolvable Turnover Choose Denominator: Choose Numerator: Current Yr: 1 Yr Ago: Accounts Receivable Turnover Accounts receivable turnover O times 0 times 1 Required 28 > Required 3A Required 3B Compute inventory turnover. Choose Numerator: Inventory Turnover Choose Denominator: Current assets 11 Inventory Turnover Current liabilities 11 Inventory turnover Current Yr: / o times 1 Yr Ago: 1 times Required 3A Required 38
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