Required 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. At December 31 2017 2016 2015 Assets Cash $ 27,695 $ 32,373 $ 34,417 Accounts receivable, net 89,200 62,400 50,600 Merchandise inventory 114,500 83,000 58,000 Prepaid expenses 8,919 8, 498 3,824 Plant assets, net 243,612 230,907 211,559 Total assets $ 483,926 $ 417,178 $ 358, 400 Liabilities and Equity Accounts payable $ 116,883 $ 68,388 $ 45,899 Long-tern notes payable secured by mortgages on plant assets 88,249 93,072 76,830 Common stock, $10 par value 162,500 162,500 162,500 Retained earnings 116,294 93,218 73,180 Total liabilities and equity $ 483,926 $ 417,178 $ 358,400 The company's income statements for the years ended December 31, 2017 and 2016. follow. Assume that all sales are on credit: The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit: For Year Ended December 31 2017 2016 Sales $ 629,104 $ 496,442 Cost of goods sold $ 383,753 $ 322,687 Other operating expenses 195, 022 125,600 Interest expense 10,695 11, 418 Income taxes 8,178 7,447 Total costs and expenses 597,648 467,152 Net income $ 31,456 $ 29,290 Earnings per share $ 1.94 $ 1.80 Exercise 17-8 Part 1 (1) Compute days sales uncollected. Choose Numerator: Answer is complete but not entirely correct. Days Sales Uncollected Choose Denominator Days Net sales 365 - $ 107.000 365 87.700 365 Accounts receivable X Days' Sales Uncollected Days' Sales Uncollected 1.1008 days 1,5971 days $ 2017: 2016: x 322,687 / 383,753 S $ x