5. The balance sheet for the Novi Corporation is shown below. Sales for the year were $3,040,000, with 75 percent of sales sold on credit.

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5. The balance sheet for the Novi Corporation is shown below. Sales for the year were $3,040,000, with 75 percent of sales sold on credit. Novi Corporation Balance Sheet 200X Assets Liabilities & Shareholder's Equity Cash................... $50,000 Account payable....... $220,000 Account receivable ....280,000 Accrued taxes............ 80,000 Inventory....................240,000 Bond payable...........118,000 Plant and Equipment..380,000 Common Stock..........100,000 Paid-in Capital ...........150,000 Retained earning........282,000 Total Assets.............$950,000 Total Liabilities and ----- Stockholder's equity. $950,000 Compute the following ratios: a) Current ratio. 1.90 b) Quick ratio. c) Debit-to-total-asset ratio. 14 d) Asset turn over. e) Average collection period