Simon Companys year-end balance sheets follow. At December 31 2017 2016...

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Accounting

Simon Companys year-end balance sheets follow.

At December 31 2017 2016 2015
Assets
Cash $ 27,904 $ 32,617 $ 34,676
Accounts receivable, net 89,700 62,600 59,700
Merchandise inventory 113,000 83,000 54,000
Prepaid expenses 8,986 8,562 3,853
Plant assets, net

247,981

233,541 208,871
Total assets $ 487,571 $ 420,320 $ 361,100
Liabilities and Equity
Accounts payable $ 117,763 $ 68,903 $ 46,235
Long-term notes payable secured by mortgages on plant assets 88,913 93,773 77,409
Common stock, $10 par value 162,500 162,500 162,500
Retained earnings 118,395 95,144 74,956
Total liabilities and equity $ 487,571 $ 420,320 $ 361,100

The companys 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 $ 633,842 $ 500,181
Cost of goods sold $ 386,644 $ 325,118
Other operating expenses 196,491 126,546
Interest expense 10,775 11,504
Income taxes 8,240 7,503
Total costs and expenses 602,150 470,671
Net income $ 31,692 $ 29,510
Earnings per share $ 1.95 $ 1.82
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(1) Compute days' sales uncollected. Days' Sales Uncollected X Days - Days' Sales Uncollected 1 Choose Denominator: Current assets Choose Numerator: Net sales 2017: 2016: Days' Sales Uncollected 0 days 0 days (2) Compute accounts receivable turnover. Accounts Receivable Turnover 1 Choose Denominator: Choose Numerator: Accounts Receivable Turnover Accounts receivable turnover times times 2017: 2016: (3) Compute inventory turnover. Inventory Turnover Choose Denominator: Choose Numerator: = Inventory Turnover Inventory turnover times times 2017: 2016: (4) Compute days' sales in inventory. Days' Sales In Inventory Choose Numerator: 1. Choose Denominator: Days Days' Sales In Inventory Days' sales in inventory 0 days 0 days 2017: 2016

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