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The balance sheet for K company is given below. Sales for the year were $3,070,000, with 75 percent of sales sold on credit. total assets
The balance sheet for K company is given below. Sales for the year were $3,070,000, with 75 percent of sales sold on credit. total assets equal their total liabilities at $1110000. Accounts include:
Cash $50,000
Inv 365,000
Plant and Eqip 425,000
Accounts rec. 270,000
Acct payable 235,000
Long term - bonds payable 180,000
Common stock 310,000
Accrued taxes 45,000
Retained earnings 340,000
Calculate: Current ratio, Asset turnover, Debt to total assets ratio, Quick ratio, Average collection period
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