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Required information Exercise 13-10 Analyzing efficiency and profitability LO P3 [The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow. 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 Current Yr 1 Yr Ago 2 Yrs Ago $ 31,200 $ 35,750 $ 37,800 86,100 63,000 51,000 112,500 83,800 52,500 10,450 9,350 5,000 282,000 248,500 233,000 $522,250 $440,400 $ 379,300 $128,800 $ 74,250 $ 50,200 97,000 160,000 136,450 $522,250 100,500 81,000 160,000 160,000 105,650 88,100 $440,400 $ 379,300 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Current Yr $755.000 1 Yr Ago $ 620.ana Saved The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Current Yr 1 Yr Ago Sales $755,000 $620,000 Cost of goods sold $468,100 $384,400 Other operating expenses 234,050 142,600 Interest expense 12,300 13,000 Income tax expense 9,400 8,600 Total costs and expenses 723,850 548,600 Net income $ 31,150 $ 71,400 Earnings per share $ 1.95 $ 4.46 For both the Current Year and 1 Year Ago, compute the following ratios: Exercise 13-10 Part 1 (1-a) Profit margin ratio. (1-b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago? Complete this question by entering your answers in the tabs below. For both the Current Year and 1 Year Ago, compute the following ratios: Exercise 13-10 Part 2 (2) Total asset turnover Choose Numerator: Total Asset Turnover Choose Denominator: 11 Total Asset Turnover Total asset tumover Current Year: 1 Year Ago: times times QS 13-1 Financial reporting LO C1 Identify which of the following items are not included as part of general purpose financial statements but are part of financial reporting Included as part of general-purpose financial statements? Management letters b. Balance sheet C. Company forecast d. Auditors' reports e. Press releases on change of board of directors Financial statement notes 9 Prospectus Company news releases L Press releases on pending lawsuits