2014 2013 Revenue $14,147,293 $13,566,296 Cost of goods sold $-8,447,560 $-8,131,586 Selling, general, and administrative expenses $-998,843 $-980,283 Depreciation $-1,497,919 $-1,472,544 EBIT $3,202,971 $2,981,883 Interest expense $-376,259 $-355,627 Taxes $-1,074,151 $-997,977 Net income $1,752,561 $1,628,279 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 $191,068 $187,833 Accounts payable $1,546,427 $1,455,115 Investments $181,961 $121,009 Short-term debt $312,125 $332,912 Accounts receivable $667,439 $631,767 Total current liabilities $1,858,552 $1,788,027 Inventory $588,585 $564,806 Long-term liabilities Total current assets $1,629,053 $1,505,415 Debt $7,285,193 $6,603,484 Long-term assets Other liabilities $1,463,244 $1,346,439 Investments $3,053,084 $2,828,749 Total liabilities $10,606,989 $9,737,950 Plant, property, and equipment $8,497,368 $8,480,451 OWNERS’ EQUITY Goodwill $348,958 $346,247 Common stock $1,457,807 $1,454,985 Intangible assets $1,157,265 $957,062 Retained earnings $2,620,932 $2,924,989 Total owners’ equity $4,078,739 $4,379,974 TOTAL LIABILITIES TOTAL ASSETS $14,685,728 $14,117,924 AND OWNERS’ EQUITY $14,685,728 $14,117,924 What is the days' sales in inventory ratio for 2014?

2014 2013 Revenue $14,147,293 $13,566,296 Cost of goods sold $-8,447,560 $-8,131,586 Selling, general, and administrative expenses $-998,843 $-980,283 Depreciation $-1,497,919 $-1,472,544 EBIT $3,202,971 $2,981,883 Interest expense $-376,259 $-355,627 Taxes $-1,074,151 $-997,977 Net income $1,752,561 $1,628,279 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 $191,068 $187,833 Accounts payable $1,546,427 $1,455,115 Investments $181,961 $121,009 Short-term debt $312,125 $332,912 Accounts receivable $667,439 $631,767 Total current liabilities $1,858,552 $1,788,027 Inventory $588,585 $564,806 Long-term liabilities Total current assets $1,629,053 $1,505,415 Debt $7,285,193 $6,603,484 Long-term assets Other liabilities $1,463,244 $1,346,439 Investments $3,053,084 $2,828,749 Total liabilities $10,606,989 $9,737,950 Plant, property, and equipment $8,497,368 $8,480,451 OWNERS’ EQUITY Goodwill $348,958 $346,247 Common stock $1,457,807 $1,454,985 Intangible assets $1,157,265 $957,062 Retained earnings $2,620,932 $2,924,989 Total owners’ equity $4,078,739 $4,379,974 TOTAL LIABILITIES TOTAL ASSETS $14,685,728 $14,117,924 AND OWNERS’ EQUITY $14,685,728 $14,117,924 What is the days' sales in inventory ratio for 2014?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

2014	2013
Revenue	$14,147,293	$13,566,296
Cost of goods sold	$-8,447,560	$-8,131,586
Selling, general, and administrative expenses	$-998,843	$-980,283
Depreciation	$-1,497,919	$-1,472,544
EBIT	$3,202,971	$2,981,883
Interest expense	$-376,259	$-355,627
Taxes	$-1,074,151	$-997,977
Net income	$1,752,561	$1,628,279

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	$191,068	$187,833	Accounts payable	$1,546,427	$1,455,115
Investments	$181,961	$121,009	Short-term debt	$312,125	$332,912
Accounts receivable	$667,439	$631,767	Total current liabilities	$1,858,552	$1,788,027
Inventory	$588,585	$564,806	Long-term liabilities
Total current assets	$1,629,053	$1,505,415	Debt	$7,285,193	$6,603,484
Long-term assets			Other liabilities	$1,463,244	$1,346,439
Investments	$3,053,084	$2,828,749	Total liabilities	$10,606,989	$9,737,950
Plant, property, and equipment	$8,497,368	$8,480,451	OWNERS’ EQUITY
Goodwill	$348,958	$346,247	Common stock	$1,457,807	$1,454,985
Intangible assets	$1,157,265	$957,062	Retained earnings	$2,620,932	$2,924,989
			Total owners’ equity	$4,078,739	$4,379,974
			TOTAL LIABILITIES
TOTAL ASSETS	$14,685,728	$14,117,924	AND OWNERS’ EQUITY	$14,685,728	$14,117,924

What is the days' sales in inventory ratio for 2014?

Expert Solution

Step 1

Definition:

Day's sales in inventory:

This ratio tells the number of days company takes to sell its inventory.

Formula:

Days sales in inventory = ( Inventory / Cost of Goods sold ) x 365 days.

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