Tyler Toys, Inc.

Income Statement for Years Ending December $31,2013$ and $2014$

$2014$

$2013$

Revenue

$$14,147,770$

$$13,567,479$

Cost of goods sold

$$-8,448,338$

$$-8,131,009$

Selling, general, and

administrative expenses

$$-997,726$

$$-981,879$

Depreciation

$$-1,497,975$

$$-1,471,595$

EBIT

$$3,203,731$

$$2,982,996$

Interest expense

$$-376,452$

$$-355,920$

Taxes

$$-1,074,366$

$$-998,289$

Net income

$$1,752,913$

$$1,628,787$

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Tyler Toys, Inc.

Balance Sheet as of December $31,2013$ and $2014$

ASSETS

$2014$

$2013$

LIABILITIES

$2014$

$2013$

Current assets

Current liabilities

Cash

$$190,947$

$$186,894$

Accounts payable

$$1,546,903$

$$1,455,263$

Investments

$$180,112$

$$120,970$

Short$-$term debt

$$312,624$

$$333,758$

Accounts receivable

$$667,238$

$$631,012$

Total current liabilities

$$1,859,527$

$$1,789,021$

Inventory

$$587,719$

$$564,286$

Long$-$term liabilities

Total current assets

$$1,626,016$

$$1,503,162$

Debt

$$7,286,935$

$$6,604,983$

Long$-$term assets

Other liabilities

$$1,463,120$

$$1,345,255$

Investments

$$3,053,479$

$$2,827,180$

Total liabilities

$$10,609,582$

$$9,739,259$

Plant, property, and equipment

$$8,497,427$

$$8,480,882$

OWNERS$$ EQUITY

Goodwill

$$347,342$

$$347,445$

Common stock

$$1,458,285$

$$1,454,221$

Intangible assets

$$1,158,165$

$$956,614$

Retained earnings

$$2,614,562$

$$2,921,803$

Total owners$$ equity

$$4,072,847$

$$4,376,024$

TOTAL LIABILITIES

TOTAL ASSETS

$$14,682,429$

$$14,115,283$

AND OWNERS$$ EQUITY

$$14,682,429$

$$14,115,283$

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Financial$$ ratios: Asset management.$$The financial statements for Tyler$$ Toys, Inc. are shown in the popup$$ window:$$LOADING$....$ Calculate the inventory$$ 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?

Question content area bottom

Part $1$

What is the inventory turnover ratio for$2014?$