Use the data in Short Exercise 9-12 to compute the following 2008 ratios for Avant Garde Clothiers.
Question:
Use the data in Short Exercise 9-12 to compute the following 2008 ratios for Avant Garde Clothiers. Round decimals to two places.
a. Current ratio
b. Debt ratio
c. Gross profit percentage
d. Rate of inventory turnover.
Exercise 9-12
Avant Garde Clothiers reported the following items at February 28, 2008 (amounts in thousands, with last year's — 2007 — amounts also given as needed):
Compute Avant Garde's
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