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Once again, compute the four ratios. c. Indicate if there is an improvement or decline in total asset turnover, and based on the other ratios, indicate why this development has taken place. 22. The balance sheet for Stud Clothiers is shown below. Sales for the year were $2,400,000, with 90 percent of sales sold on credit. io STUD CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity Cash Accounts receivable $ 220,000 30,000 Inventory.350,000 Bonds payable (long-ten150,000 80,000 200,000 380,000 s and equity. $1,060,000 $ 60,000 Accounts payable 240,000 Accrued taxes Plant and equipment 410,000 Common stock.. Paid-in cspita! Relaned ea.... Total assets $1,060,000 Compute the following ratios a. Current ratio. b. Quick ratio. c. Debt-to-total-assets ratio. d. Asset turnover. e. Average collection period. 23. The Lancaster Corporation's income statement is given below. What is the times-interest-earned ratio? What would be the fixed-charge-coverage ratio? a. b