Tyler Toys, Inc.

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

$2014$

$2013$

Revenue

$$14,146,669$

$$13,566,098$

Cost of goods sold

$$-8,448,375$

$$-8,132,059$

Selling, general, and

administrative expenses

$$-998,348$

$$-980,276$

Depreciation

$$-1,498,453$

$$-1,471,045$

EBIT

$$3,201,493$

$$2,982,718$

Interest expense

$$-375,692$

$$-354,248$

Taxes

$$-1,073,804$

$$-998,819$

Net income

$$1,751,997$

$$1,629,651$

$$Right$-$click on the table and select Copy to Clipboard and then$$ right$-$click the$$

highlighted texts in the popup dialogue box and select Copy in order to paste its$$

contents into a spreadsheet. $$

Tyler Toys, Inc.

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

ASSETS

$2014$

$2013$

LIABILITIES

$2014$

$2013$

Current assets

Current liabilities

Cash

$$190,279$

$$187,240$

Accounts payable

$$1,546,450$

$$1,456,053$

Investments

$$181,306$

$$121,783$

Short$-$term debt

$$312,066$

$$333,992$

Accounts receivable

$$667,048$

$$631,306$

Total current liabilities

$$1,858,516$

$$1,790,045$

Inventory

$$587,274$

$$563,691$

Long$-$term liabilities

Total current assets

$$1,625,907$

$$1,504,020$

Debt

$$7,285,729$

$$6,603,007$

Long$-$term assets

Other liabilities

$$1,462,312$

$$1,346,509$

Investments

$$3,053,742$

$$2,828,931$

Total liabilities

$$10,606,557$

$$9,739,561$

Plant, property, and equipment

$$8,497,210$

$$8,480,042$

OWNERS$$ EQUITY

Goodwill

$$348,507$

$$346,398$

Common stock

$$1,458,924$

$$1,454,046$

Intangible assets

$$1,157,715$

$$956,610$

Retained earnings

$$2,617,600$

$$2,922,394$

Total owners$$ equity

$$4,076,524$

$$4,376,440$

TOTAL LIABILITIES

TOTAL ASSETS

$$14,683,081$

$$14,116,001$

AND OWNERS$$ EQUITY

$$14,683,081$

$$14,116,001$

$$Financial$$ ratios: Liquidity.$$The financial statements for Tyler$$ Toys, Inc. are shown in the popup$$ window:$$LOADING$....$ Calculate the current$$ ratio, quick$$ ratio, and cash ratio for Tyler Toys for $2013$ and $2014.$ 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 current ratio for$2014?$

$$

enter your response here$($Round to four decimal$$ places.$)$