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The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,990,000, with 75 percent of sales sold on credit. Cash Accounts
The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,990,000, with 75 percent of sales sold on credit. Cash Accounts receivable Inventory Plant and equipment Total assets REVOLUTION CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity $ 74,000 Accounts payable $ 305,000 287,000 Accrued taxes 153,000 310,000 413,000 Bonds payable (long-term) 147,000 Common stock Paid-in capital Retained earnings 100,000 150,000 229,000 $ 1,084,000 Total liabilities and equity $ 1,084,000 Compute the following ratios: Note: 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 e. Average collection period 1.47 times 0.79 times % 3.69 times 34.53 days
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