Required information [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 $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable secured bymortgages on plant assets 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 131,100 104,750 79,250 Total liabilities and equity $ 523,000 $ 445,000 $ 377,500 The company’s income statements for the years ended December 31, 2017 and 2016, follow. For Year Ended December 31 2017 2016 Sales $ 673,500 $ 532,000 Cost of goods sold $ 411,225 $ 345,500 Other operating expenses 209,550 134,980 Interest expense 12,100 13,300 Income taxes 9,525 8,845 Total costs and expenses 642,400 502,625 Net income $ 31,100 $ 29,375 Earnings per share $ 1.90 $ 1.80 Evaluate the company's efficiency and profitability by computing the following for 2017 and 2016. (2) Total asset turnover.

Required information [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 $ 31,800 $ 35,625 $...

[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	$	31,800		$	35,625	$	37,800
Accounts receivable, net		89,500			62,500		50,200
Merchandise inventory		112,500			82,500		54,000
Prepaid expenses		10,700			9,375		5,000
Plant assets, net		278,500			255,000		230,500
Total assets	$	523,000		$	445,000	$	377,500
Liabilities and Equity
Accounts payable	$	129,900		$	75,250	$	51,250
Long-term notes payable secured by mortgages on plant assets		98,500			101,500		83,500
Common stock, $10 par value		163,500			163,500		163,500
Retained earnings		131,100			104,750		79,250
Total liabilities and equity	$	523,000		$	445,000	$	377,500

The company’s income statements for the years ended December 31, 2017 and 2016, follow.

Evaluate the company's efficiency and profitability by computing the following for 2017 and 2016.

(2)
Total asset turnover.

Jun 01, 2022