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Simon Company’s year-end balance sheets follow.

At December 31	2017			2016			2015
Assets
Cash	$	35,503		$	41,499		$	41,957
Accounts receivable, net		89,600			62,200			53,700
Merchandise inventory		110,500			84,000			52,000
Prepaid expenses		11,433			10,894			4,662
Plant assets, net		342,908			309,979			263,181
Total assets	$	589,944		$	508,572		$	415,500
Liabilities and Equity
Accounts payable	$	149,834		$	87,668		$	55,943
Long-term notes payable secured by mortgages on plant assets		113,128			119,311			93,662
Common stock, $10 par value		162,500			162,500			162,500
Retained earnings		164,482			139,093			103,395
Total liabilities and equity	$	589,944		$	508,572		$	415,500

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	2017						2016
Sales				$	766,927					$	605,201
Cost of goods sold	$	467,825					$	393,381
Other operating expenses		237,747						153,116
Interest expense		13,038						13,920
Income taxes		9,970						9,078
Total costs and expenses					728,580						569,495
Net income				$	38,347					$	35,706
Earnings per share				$	2.36					$	2.20

(1) Compute days' sales uncollected.

Days' Sales Uncollected
	Choose Numerator:	/	Choose Denominator:	x	Days	=	Days' Sales Uncollected
		/		x		=	Days' Sales Uncollected
2017:		/		x		=	0	days
2016:		/		x		=	0	days

(2) Compute accounts receivable turnover.

Accounts Receivable Turnover
	Choose Numerator:	/	Choose Denominator:	=	Accounts Receivable Turnover
		/		=	Accounts receivable turnover
2017:		/		=		times
2016:		/		=		times

(3) Compute inventory turnover.

Inventory Turnover
	Choose Numerator:	/	Choose Denominator:	=	Inventory Turnover
		/		=	Inventory turnover
2017:		/		=		times
2016:		/		=		times

(4) Compute days' sales in inventory.
  

Days’ Sales In Inventory
	Choose Numerator:	/	Choose Denominator:	x	Days	=	Days’ Sales In Inventory
		/		x		=	Days’ sales in inventory
2017:		/		x		=	0	days
2016:		/		x		=	0	days

Answer 1

1&4.

Calculate days' sales uncollected and days' sales in inventory as follows:

Above figures have been calculated in the following manner:

2&3

Calculate accounts receivable turnover and inventory turnover as follows:

Above figures have been calculated in the following manner: