Question

15)The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,040,000, with 75 percent of sales sold on credit.   
 STUD CLOTHIERS
Balance Sheet 20XXAssetsLiabilities and Equity  Cash$50,000       Accounts payable$220,000     Accounts receivable 280,000       Accrued taxes 80,000     Inventory 240,000       Bonds payable (long-term) 118,000     Plant and equipment 380,000       Common stock 100,000                Paid-in capital 150,000          Retained earnings 282,000            Total assets$950,000       Total liabilities and equity$950,000      
 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 timesb.Quick ratio timesc.Debt-to-total-assets ratio %d.Asset turnover timese.Average collection period days

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