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The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,520,000, with 75 percent of sales sold on credit. Assets Cash
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,520,000, with 75 percent of sales sold on credit. Assets Cash Accounts receivable Inventory Plant and equipment STUD CLOTHIERS Balance Sheet 2071 Liabilities and Equity $ 43,000 Accounts payable 318,000 Accrued taxes 284,000 Bonds payable (long-term) 525,000 Common stock Paid-in capital Retained earnings $ 1,170,000 Total liabilities and equity $ 243,000 175,000 194,000 100,000 150,000 308,000 $ 1,170,000 Total assets 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 times b. Quick ratio times C. Debt-to-total-assets ratio % d Asset turnover times e. Average collection period days
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