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Ne help with computing the following ratios: The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,040,000, with 75 percent

Ne help with computing the following ratios: image text in transcribed

The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,040,000, with 75 percent of sales sold on credit. STUD CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity S 220,000 80,000 118,000 100,000 S 50,000 Accounts payable Cash Accounts receivable Inventory Plant and equipment 280,000 240,000 380,000 Accrued taxes Bonds payable (long-term) Common stock Paid-in capital Retained earnings 150,000 282,000 S 950,000 S 950,000 Total assets Total liabilities and equity Compute the following ratios: (Use a 360-day year. Do not round intermediate calculations. Round your answers to 2 decimal places. Input your debt-to-total assets answer as a percent rounded to 2 decimal places.) a. Current ratio b. Quick ratio c. Debt-to-total-assets ratio d Asset turnover imes imes imes Average collection C. days

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