The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,470,000, with 7 on credit STUD CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity Cash $ 97,000 Accounts payable $ 279,000 Accounts receivable 360,000 Accrued taxes 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 Total assets $1,185,000 Total liabilities and equity $1,185,000 Compute the following ratios: (Use a 360-day year. Do not round intermediate calculations. Ros decimal places. Input your debt-to-total assets answer as a percent rounded to 2 decimal placi Answer is complete but not entirely correct. a. Current ratio 1.73 times b. Quick ratio Debt-to-total-assets C. ratio d Asset turnover 3.75X times 50.46 % 2.93 times 10. Average collection 37.35 days period 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 28x1 Assets Liabilities and Equity Cash 97,000 Accounts payable $ 279,000 Accounts 360,000 Accrued taxes 166,000 receivable Inventory 315,000 Bonds payable (long- 153,000 term) Plant and equipment 413,000 Common stock 100,000 Paid-in capital 150,000 Retained earnings 337,000 Total liabilities Total assets $1,185,000 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.) Answer is complete but not entirely correct. a. Current ratio b. Quick ratio Debt-to-total-assets c. ratio d e. period Asset turnover Average collection 1.73 times 3.75X times 50.46 % 2.93 times 37.35 days