Simon Companys year-end balance sheets follow. At December 31 Current Year 1 Year...

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Accounting

Simon Companys year-end balance sheets follow.

At December 31 Current Year 1 Year Ago 2 Years Ago
Assets
Cash $ 29,632 $ 34,638 $ 35,366
Accounts receivable, net 89,300 62,000 50,300
Merchandise inventory 111,500 83,000 53,000
Prepaid expenses 9,543 9,092 3,930
Plant assets, net 257,298 239,954 211,104
Total assets $ 497,273 $ 428,684 $ 353,700
Liabilities and Equity
Accounts payable $ 125,059 $ 73,172 $ 47,155
Long-term notes payable 94,422 99,583 78,949
Common stock, $10 par value 162,500 162,500 162,500
Retained earnings 115,292 93,429 65,096
Total liabilities and equity $ 497,273 $ 428,684 $ 353,700

The company’s income statements for the current year and one year ago follow. Assume that all sales are on credit:

For Year Ended December 31 Current Year 1 Year Ago
Sales $ 646,455 $ 510,134
Cost of goods sold $ 394,338 $ 331,587
Other operating expenses 200,401 129,064
Interest expense 10,990 11,733
Income tax expense 8,404 7,652
Total costs and expenses 614,133 480,036
Net income $ 32,322 $ 30,098
Earnings per share $ 1.99 $ 1.85

(1-a) Compute days' sales uncollected.

Days' Sales Uncollected
Numerator: / Denominator: Days = Days' Sales Uncollected
/ = Days' sales uncollected
Current Year: / = 0 days
1 Year Ago: / = 0 days

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