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The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,490,000, with 75 percent of sales sold on credit. STUD CLOTHIERS
The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,490,000, with 75 percent of sales sold on credit. STUD CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity $262,000 148,000 178,000 100,000 $ 38,000 Accounts payable Accounts receivable Inventory Plant and equipment 292,000 248,000 500,000 Accrued taxes Bonds payable (long-term) Common stock Paid-in capital Retained earnings 150,000 240,000 $ 1,078,000 $ 1,078,000 Total assets Total liabilities and equity 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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