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Required information Exercise 17-10 Efficiency and profitability analysis LO P3 [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. 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 $ 31,600 $ 36,250 $ 37,800 88,500 61, eee 49,500 112,500 82,600 53, eee 10,900 9,250 4,500 281,000 258,000 227,000 $524,500 $447,100 $ 371,800 $130,eee $ 73,500 $ 50, 800 96, 98,250 83,000 160, eee 16 160,000 160, eee 138,500 115,350 78, eee $524,500 $447,100 $ 371,800 The company's income statements for the years ended December 31, 2017 and 2016, follow. 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 $685,000 $404,150 191,800 11,900 9, 350 617,200 $ 67,800 2016 $ 57 , $364,800 131, 100 12,800 8,575 517,275 $ 52,725 $ 4.24 $ 3.30 Evaluate the company's efficiency and profitability by computing the following for 2017 and 2016 Total liabilities and equity $524,500 $447,100 $ 371,800 2017 The company's income statements for the years ended December 31, 2017 and 2016, follow. For Year Ended December 31 2016 Sales $685, eee $ 570, eee Cost of goods sold $404,150 $364,800 Other operating expenses 191,800 131,100 Interest expense 11,900 12,800 Income taxes 9,350 8,575 Total costs and expenses 617,200 517,275 Net income $ 67,800 $ 52,725 Earnings per share 4.24 $ 3.30 $ Evaluate the company's efficiency and profitability by computing the following for 2017 and 2016. Exercise 17-10 Part 3 (3) Return on total assets. Return On Total Assets 1 Choose Denominator: Choose Numerator: 11 Return On Total Assets / II Return on total assets % 2017 2016 III 1 %