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The balance sheet for Bryan Corporation is given below. Sales for the year were $3,150,000, with 75 percent of sales sold on credit. BRYAN CORPORATION
The balance sheet for Bryan Corporation is given below. Sales for the year were $3,150,000, with 75 percent of sales sold on credit. BRYAN CORPORATION Balance Sheet Dec. 31, 20XX Liabilities and Equity Assets Cash $55,000 350,000 405,000 465,000 Accounts payable Accrued taxes $275,000 30,000 260,000 390,000 Accounts receivable Bonds payable (long term) Inventory Plant and equipment Common stock Retained earnings 320,000 $1,275,000 Total liabilities and equity $1,275,000 Total assets Compute the following ratios: (Use 365 days in a year. Do not round intermediate calculation. Round the final answers to 2 decimal places.) a. Current ratio b. Quick ratio c. Debt-to-total-assets ratio Asset turnover days e. Average collection period
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