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The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,880,000, with 75 percent of sales sold on credit. Assets Cash
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,880,000, with 75 percent of sales sold on credit. Assets Cash Accounts receivable Inventory Plant and equipment STUD CLOTHIERS Balance Sheet 20X1 Liabilities and Equity 60,000 Accounts payable 311,000 Accrued taxes 276,000 Bonds payable (long-term) 389,000 Common stock Paid-in capital Retained earnings $ 1,036,000 Total liabilities and equity $ 279,000 91,000 132,000 100,000 150,000 284,000 $ 1,036,000 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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