This case is a continuation of the Caesars Entertainment Corporation serial case that began in Chapter 1. Refer to the introductory story in Chapter 1 (see page 43) for additional background. (The components of the Caesars serial case can be completed in any order.)
The statements of operations (income statements) and balance sheets for Caesars Entertainment Corporation5 follow.

Requirements
1. Calculate Caesars's net working capital for 2014 and 2013. What does the net working capital figure mean? Did Caesars's net working capital improve from 2013 to 2014? Explain.
2. Calculate Caesars's current ratio for 2014 and 2013.
3. Calculate accounts receivable turnover for 2014. Assume all net revenue is from credit sales. Next, calculate days' sales outstanding. What does this number mean?
4. Calculate the times-interest-earned ratio for 2014. What does this ratio mean?

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Caesars Entertalnment Corporatlon Consolldated Statements of Operatlons (condensed and adapted) In millons, except per share data Years Ended December 31, 2013 8,220 S 10,246 (2,026) (2,252) 28 (4,250) 1,517 (2,733) (215) (2,948) S 2012 8,186 8,052 134 (2,100) 162 2014 8,516 S 8,968 (452) (2,670) (95) (3,217) 543 6 Net revenues 7 Operating expenses Income (loss) from operations Interest expense 10 Other galns (losses) 11 Loss from continulng operations before taxes 12 Income tax beneflt 13 Loss from continulng operatlons, net of taxes 14 Other Items 15 Net loss (1,804)| 701 (1,103) (405) (1,508) (2,674) (109) (2,783) S 16 Caesars Entertalnment Corporatlon Consolldated Balance Sheets (condensed and adapted) In mllons As of December 31, 2014 2013 Assets Current Assets Cash and cash equivalents Restricted cash 2,806 $ 76 2,771 88 620 Recelvables, net Prepayments and other current assets Inventories 10 518 11 230 246 12 13 Total current assets 14 Property and equlpment, net 15 Goodwll and other Intanglble assets 16 Other long-term asset Total assets 43 3,673 13,456 5,516 890 23,535 S 45 3,770 13,238 6,551 1,130 24,689 17 18 Llablitles and stockholders' equity 19 20 Current llabilitles 21 Accounts payable Accrued expenses Interest payable Other current llablitles Total current llabllitles 349 $ 1,199 736 15,996 18,280 7,434 2,563 28,277 443 1,212 390 486 2,531 20,918 3,144 26,593 22 23 24 25 26 Long-term debt 27 Other long-term llabilities 28 29 Stockholders' equlty (deficit) 30 Total llablitles Common stock 1234T56