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Exercise 17-8 Liquidity analysis and interpretation LO P3 The following information applies to the questions displayed below) Simon Company's year-end balance sheets follow At December 31 2017 2016 2015 Assets Cash $ 29,705 $ 34,722 $ 36,538 Accounts receivable, net 89,900 62,400 55,600 Merchandise inventory 112, eee 84,808 58 , Prepaid expenses 9,566 9,115 4,06 Plant assets, net 272,572 252,645 222,402 Total assets $ 513,743 $ 442,882 $376,600 Liabilities and Equity Accounts payable $ 125,364 $ 73,350 $ 48,717 Long-term notes payable secured by mortgages on plant assets 94,652 99,826 81,564 Common stock, sie par value 162,500 162,500 162,5ee Retained earnings 131,227 107,206 83,819 Total liabilities and equity $ 513,743 $ 442,882 $ 376,600 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit: 2012 $ 667,866 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 $ 407,398 287,038 11,354 8,682 2016 $ 527,03e $ 342,570 133,339 12,122 7,90s 495,936 $ 31,994 $ 1.91 634,472 $ 33,394 $ 2.06 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 $ 667,866 407,398 207,038 11,354 8,682 634,472 $ 33,394 $ 2.06 2016 $ 527,030 $ 342,570 133,339 12,122 7,905 495,936 $ 31,094 $ 1.91 Exercise 17-8 Part 4 (4) Compute days' sales in inventory x Days 11 Days' Sales In Inventory Choose Numerator: Choose Denominator: 1 X 2017: 1 X Il Days' Sales In Inventory Days' sales in inventory days days X 2016: X