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Requirea information 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. 2017 2016 2015 Cash At December 31 Assets 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, $ie par value Retained earnings Total liabilities and equity $ 29,705 $ 34,722 $ 36,538 89,900 62,400 55,600 112,eee 84,000 58,000 9,566 9,115 4,860 272,572 252,645 222,402 $ 513,743 442,882 $376,600 $ 125,364 $ 73,350 $ 48,717 94,652 99,826 81,564 162,500 162,500 162,500 131,227 107,206 83,819 $ 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 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 $ 667,866 $ 407,398 207,638 11,354 8,682 634,472 $ 33,394 $ 2.06 2016 $ 527,30 $ 342,570 133,339 12,122 7,905 495,936 $ 31,094 $ 1.91 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 3 (3) Compute inventory turnover. Choose Numerator: Inventory Turnover Choose Denominator: 11 1 / 1 2017: 2016: Inventory Turnover Inventory turnover times times 11 1