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The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,470,000, with 75 percent of sales sold on credit STUD CLOTHIERS
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,470,000, with 75 percent of sales sold on credit STUD CLOTHIERS Balance Sheet 20x1 Assets Liabilities and Equity Cash $ 97,000 Accounts payable $ 279,000 Accounts 360,000 Accrued taxes receivable 166,000 Inventory 315,000 Bonds payable (long- term) 153,000 Plant and equipment 413,000 Common stock 100,000 Paid-in capital 150,000 Retained earnings 337,000 $1,185,000 Total assets Total liabilities: and equity $1,185,000 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 times times c. Debt-to-total-assets ratio % d Asset turnover times Average collection days e. period
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