The balance sheet for Stud Clothiers is shown next. Sales for the year were $2,400,000, with 90 percent of sales sold on credit.

Compute the following ratios:
a. Current ratio.
b. Quick ratio.
c. Debt-to-total-assets ratio.
d. Asset turnover.
e. Average collectionperiod.

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Assets Liabilities and Equity S 60,000 Accounts payable S 220,000 Accounts receivable.... 240.000 Accrued taxes Bonds Qlong-term) Common stock Paid-in capital.... 30,000 Inventorv 350,000 payable 150,000 Plant and equipment410000 200,000 380.000 Total assets S1.060000 Total liabilities and equity 1.060.000