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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. Assets Cash
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. Assets Cash Accounts receivable Inventory Plant and equipment STUD CLOTHIERS Balance Sheet 20x1 Liabilities and Equity 97,000 Accounts payable 360,000 Accrued taxes 315,000 Bonds payable (long-term) 413,000 Common stock Paid-in capital Retained earnings $ 1,185,000 Total liabilities and equity 279,000 166,000 153,000 100,000 150,000 337,000 $ 1,185,000 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 b. Quick ratio c. Debt-to-total-assets ratio d Asset turnover e. Average collection period times times % times days
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