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The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,160,000, with 75 percent of sales sold on credit. Assets Cash
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,160,000, with 75 percent of sales sold on credit. Assets Cash Accounts receivable Inventory Plant and equipment STUD CLOTHIERS Balance Sheet 20x1 Liabilities and Equity $ 46,000 Accounts payable 345,000 Accrued taxes 323,000 Bonds payable (long-term) 390,000 Common stock Paid-in capital Retained earnings $1,104,000 Total liabilities and equity $ 277,000 94,000 139,000 100,000 150,000 344,000 $1,104,000 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.) times times a. Current ratio b. Quick ratio Debt-to-total-assets ratio d Asset turnover e. Average collection period c. % times days
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