Problem #2 The balance sheet for Stud Clothiers is shown below. Sales for the year were 52,400,000, with 90 percent of sales sold on credit. STUD CLOTHIERS BALANCE SHEET 20X1 Assets Liabilities & Equity Cash $60,000 Accounts payable $220,000- Accounts receivable 240,000 Accrued taxes 30,000 Inventory 350,000 Bonds payable (long-term) 150,000 Plant & equipment 410,000 Common stock 80.000 Paid-in capital 200,000 Retained earnings 380,000 Total assets: $1.060.000 Total liabilities and equity: $1.060,000 7 I L Compute the following ratios: a. Current ratio. b. Quick ratio, c. Debt-to-total-assets ratio. d. Asset turnover. c. Average collection period. Total points for this problem 1.25 point 1.25 point 1.25 point 1.25 point 1.25 point 6.25 points