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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. STUD CLOTHIERS

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. STUD CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity Cash $ Accounts receivable 43,000 318,000 Accounts payable $ 243,000 Accrued taxes 175,000 Inventory 284,000 Bonds payable (long-term) 194,000 Plant and equipment 525,000 Common stock 100,000 Paid-in capital 150,000 Retained earnings 308,000 Total assets $ 1,170,000 Total liabilities and equity $ 1,170,000 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 c. Debt-to-total-assets ratio b. Quick ratio d Asset turnover e. Average collection period times times % times days

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