P14-11 (similar to) Question Help Financial ratios: Asset management. The financial statements for Tyler Toys, Inc. are shown in the popup window: Calculate the inventory turnover, days' sales in inventory, receivables turnover, days' sales in receivables, and total asset turnover for 2013 and 2014 for Tyler Toys. Should any of these ratios or the change in a ratio warrant concern for the managers of Tyler Toys or the shareholders? What is the inventory turnover ratio for 2014? (Round to four decimal places.) Enter your answer in the answer box and then click Check Answer. ? 10 parts Clear All remaining Check Answer Tyler Toys, Inc. Income Statement for Years Ending December 31, 2013 and 2014 2014 2013 $ 14,147,305 $ -8,447,879 $ 13,567,524 -8,131,928 $ Revenue Cost of goods sold Selling, general, and administrative expenses Depreciation $ -980,021 $ -1,471,209 2,984,366 |EBIT -997,117 $ -1,497,908 $ 3,204,401 $ -376,999 $ -1,074,413 $ $ $ Interest expense -354,490 -999,353 Taxes $ Net income $ 1,752,989 $ 1,630,523 Tyler Toys, Inc. Balance Sheet as of December 31, 2013 and 2014 ASSETS 2014 2013 LIABILITIES 2014 2013 Current assets Current liabilities Cash $ 191,305 $ 187,437 Accounts payable $ 1,456,892 1,545,359 $ 312,673 $ Investments $ 181,591 $ 121,089 Short-term debt $ 333,012 Accounts receivable $ 668,468$ 630,507 Total current liabilities $ 1,858,032 $ 1,789,904 Inventory $ 587,844 5 563,266 Long-term liabilities 1,502,299 Debt Total current assets $ 1,629,208$ $ 7,285,321 $ 6,603,227 Long-term assets Other liabilities $ 1,462,024 S 1,345,794 Investments $ 3,053,014 $ 2,827,031 Total liabilities $ 10,605,377 $ 9,738,925 Plant, property, and equipment $ 8,497,002 $ 8,480,307 OWNERS' EQUITY Goodwill $ 347,978$ 347,317 Common stock $ 1,458,997 $ 2,621,823 $ 1,453,039 2.922,666 Intangible assets $ 1,158,995 $ $ 957,676 Retained earnings Total owners' equity $ 4,080,820 $ 4,375,705 TOTAL LIABILITIES TOTAL ASSETS $ 14,686,197 $ 14,114,630 AND OWNERS' EQUITY $ 14,686,197 $ 14,114,630