Excel for Excel Excel Excel for Excel Excel Excel for the 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. STUD CLOTHIERS Balance Sheet 20XX Assets Liabilities and Equity Cash $60,000 Accounts payable $2,20,000 Accounts receivable 2,40,000 Accrued taxes 30,000 Inventory 3,50,000 Bonds payable (long term) 1,50,000 Plant and equipment 4,10,000 Common stock 80,000 Paid-ingapital 2,00,000 Total assets Compute the following ratios: Retained earnings $10,60,000 Total liabilities and equity 3,80,000 $10,60,000 26 Total assets Compute the following ratios: a. Current ratio. b. Quick ratio. c. Debt-to-total-assets ratio. d. Asset turnover. e. Average collection period. Retained earnings $10,60,000 Total liabilities and equity 3,80,000 $10,60,000