Simon Company's year-end balance sheets follovw At December 31 Assets Cash Accounts receivable, net Merchandise...
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Simon Company's year-end balance sheets follovw At December 31 Assets Cash Accounts receivable, net Merchandise inventorv Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured $ 31,B00 35, 625 37,800 89,500 62,500 50,200 112, 500 82,500 54, 000 5,000 278, 500 255,000 230,500 $523, 000 445,000 377,500 10,700 9,375 $129,900 75,250 51,250 by mortgages on plant assets Common stock, $10 par value Retained earnings 98,500 101,500 83, 500 163,500 163,500 163, 500 131,100 104,750 79,250 $523,000 $445,000 $377,500 Total liabilitie3 and equity 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 Sales Cost of goods sold Other operating expen3es Interest expense Income taxes Total costs and expen3es Net income 2017 2016 $673,500 $532,000 $411,22.5 209, 550 12,100 9,525 $345,500 134,980 13,300 B, 845 642,400 $ 31,100 $ 1.90 502, 625 $ 29,375 $ 1.80 Earnings per share Exerclse 13-8 Part 1 (1) Compute days' sales uncollected. Choose Numerator xDaysDays' Sales Uncollected x 385Days' Sales Uncollected 2017 0 days 0 days 2016
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