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Financial ratios: Asset management. The financial statements for Tyler Toys, Inc. are shown in the popup window: 5 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? Tyler Toys, Inc. Income Statement for Years Ending December 31, 2013 and 2014 2014 2013 Revenue $ 14,146,319 $ 13,567,075 $ -8,448,595 $ -8,131,372 Cost of goods sold Selling, general, and |administrative expenses Depreciation $ -997,102 $ -981,219 $ -1,498,421$ -1,471,192 EBIT $ 2,983,292 3,202,201 $ -376,124 $ Interest expense $ -354,463 -998,955 Taxes $ -1,073,909 $ Net income $ 1,752,168$ 1,629,874 Tyler Toys, Inc. Balance Sheet as of December 31, 2013 and 2014 ASSETS 2014 2013 LIABILITIES 2014 2013 Current assets Current liabilities Cash $ 190,170 $ 187,418 Accounts payable $ 1,546,869 $ 1,456,640 333,186 Investments $ 180,629 $ 121,161 Short-term debt $ 312,722 $ Accounts receivable $ 668,025 $ 630,125 Total current liabilities $ 1,859,591 $ 1,789,826 Inventory $ 587,123 $ Total current assets $ 1,625,947 $ 564,653 Long-term liabilities 1,503,357 Debt Other liabilities $ 7,285,827 $ 1,462,451 $ 6,603,898 1,346,914 Long-term assets $ Investments $ 3,054,267 $ $ 10,607,869 $ 9,740,638 2,827,620 Total liabilities 8,480,613 OWNERS' EQUITY Plant, property, and equipment $ 8,496,964 $ 347,757 $ Goodwill $ 346,398 Common stock $ 1,458,655 $ 2,616,729 $ 1,454,639 2,919,238 Intangible assets $ 1,158,318$ 956,527 Retained earnings $ Total owners' equity $ 4,075,384 $ 4,373,877 TOTAL LIABILITIES TOTAL ASSETS $ 14,683,253 $ 14,114,515 AND OWNERS' EQUITY $ 14,683,253 $ 14,114,515

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