0 22. The balance sheet for Stud Clothiers is shown below. Sales for the year were $2,400,000, with 90 percent of sales sold on credit. STUD CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity Cash $ 60,000 Accounts payable $ 220,000 Accounts receivable 240,000 Accrued taxes 30,000 Inventory ........ 350,000 Bonds payable (long-term) 150,000 Plant and equipment 410,000 Common stock 80,000 Paid-in capital 200,000 Retained earnings 380,000 Total assets $1,060,000 Total liabilities and equity ... $1,060,000 Compute the following ratios: a. Current ratio. b. Quick ratio. c. Debt-to-total-assets ratio. d. Asset turnover. e. Average collection period