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The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,570,000, with 75 percent of sales sold on credit. STUD CLOTHIERS

The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,570,000, with 75 percent of sales sold on credit.

STUD CLOTHIERS Balance Sheet 20X1
Assets Liabilities and Equity
Cash $ 20,000 Accounts payable $ 246,000
Accounts receivable 350,000 Accrued taxes 108,000
Inventory 260,000 Bonds payable (long-term) 126,000
Plant and equipment 350,000 Common stock 100,000
Paid-in capital 150,000
Retained earnings 250,000
Total assets $ 980,000 Total liabilities and equity $ 980,000

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 1.77 times

b.Quick ratio 1.04 times

c.Debt-to-total-assets ratio_______%

d Asset turnovertimes_______

e.Average collection period _______days

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