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The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,460,000, with 75 percent of sales sold on credit. Cash
The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,460,000, 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 $ 54,000 348,000 Accounts payable Accrued taxes $ 287,000 93,000 272,000 Bonds payable (long-term) 131,000 464,000 Common stock 100,000 Paid-in capital 150,000 Retained earnings 377,000 $ 1,138,000 Total liabilities and equity $ 1,138,000 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 times times c. Debt-to-total-assets ratio % d. Asset turnover e. Average collection period times days
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