lifa 1.lyryx.com/student-servlets/LabServlet?cid=11210 Question 2 [5 points] The following financial statements are for Dylex Corporation Dylex Corporation Income Statement For Years Ended December 31, 2014, 2013, and 2012 2014 2013 Sales 916,100 887 300 Cost of goods sold 170,800 197.900 Gross profit from sales 745,300 689,400 Operating expenses 245,600 267,300 Operating income 499,700 422,100 Interest expense 5,150 5,100 Income before taxes 494,550 417,000 Income taxes 135.400 127 700 Net income 359,150 289 300 2012 827 100 250,400 576,700 235,800 340.900 5,500 335,400 123,700 211,700 Dylex Corporation Balance Sheet December 31, 2014, 2013 and 2012 Assets 2014 2013 2012 Cash 57 400 49,200 41,900 Short-term investments 23,000 20.000 24 000 Accounts receivable, net 57 200 60 200 57,600 Merchandise inventory 40,400 50,600 46,600 Prepaid expenses 9,800 9.400 8,300 Notes receivabe due in 2016 9,000 8,500 9,000 Property, plant and equipment, net 150.000 156.000 186,000 Total assets 346.800 353.900 373.400 Liabilities and Equity Accounts payable 30.400 33.700 40.700 Salaries payable 10.900 10.800 12.900 Income taxes payable 64 650 54.300 62 400 Long-term note payable secured by mortgage on plant assets 19.000 20,000 23,000 Share capital 220.000 220.000 230,000 Retained earnings 1 850 15 100 4.400 Total liabilities and equity 346 800 353 900 373 400 Compute the accounts receivable turnover below and indicate whether the change from year to year is favourable or unfavourable For your analysis assume that all other things have remained constant Apply your analysis in very general terms All values should be accurate to at least two decimal places Ratio 2014 2013 Measure of Analysis Accounts receivable turnover (select one) (select one) PM acer PASS F11 F12 Pause WORK PU