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The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,420,000, with 75 percent of sales sold on credit. STUD CLOTHIERS
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,420,000, with 75 percent of sales sold on credit.
STUD CLOTHIERS Balance Sheet 20X1 | |||||
Assets | Liabilities and Equity | ||||
Cash | $ | 27,000 | Accounts payable | $ | 293,000 |
Accounts receivable | 291,000 | Accrued taxes | 125,000 | ||
Inventory | 308,000 | Bonds payable (long-term) | 201,000 | ||
Plant and equipment | 393,000 | Common stock | 100,000 | ||
Paid-in capital | 150,000 | ||||
Retained earnings | 150,000 | ||||
Total assets | $ | 1,019,000 | Total liabilities and equity | $ | 1,019,000 |
Compute the following ratios: (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- Assest turnover-
E- Average collection period-
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