The balance sheet for Bryan Corporation is given below. Sales for the year were $3,100,000, with 75 percent of sales sold on credit.

BRYAN CORPORATION

Balance Sheet Dec. 31, 20XXAssetsLiabilities and EquityCash$65,000Accounts payable$250,000Accounts receivable300,000Accrued taxes60,000Inventory380,000Bonds payable (long term)210,000Plant and equipment440,000Common stock340,000Retained earnings325,000Total assets$1,185,000Total liabilities and equity$1,185,000

Compute the following ratios:(Use 365days in a year.Do not round intermediate calculation. Round the final answers to2 decimal places.)

a.Current ratio2.40

2.40 Correct

xb.Quick ratio1.18

1.18 Correct

xc.Debt-to-total-assets ratio44.00

44.00 Incorrect

%d.Asset turnover2.61

2.61 Incorrect

xe.Average collection period47.09

47.09 Incorrect

days