The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,500,000, with...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66496058687a3_8246649605862c18.jpg)
Transcribed Image Text:
The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,500,000, with 75 percent of sales sold on credit. Check m Cash Accounts receivable REVOLUTION CLOTHIERS Balance Sheet 20X1 Accounts payable Accrued taxes Bonds payable (long-term) Common stock Assets $ 84,000 378,000 245,000 433,000 Inventory Plant and equipment Total assets Paid-in capital Retained earnings Liabilities and Equity $ 227,000 83,000 217,000 100,000 150,000 363,000 $ 1,140,000 $ 1,140,000 Total liabilities and equity Compute the following ratios: Note: Use a 360-day year. Do not round intermediate calculations. Round your answers to 2 decimal places. Input your debt-to- total assets answer as a percent rounded to 2 decimal places. a. Current ratio times b. Quick ratio times c. Debt-to-total-assets ratio % d. Asset turnover times e. Average collection period days < Prev H 1 The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,500,000, with 75 percent of sales sold on credit. Check m Cash Accounts receivable REVOLUTION CLOTHIERS Balance Sheet 20X1 Accounts payable Accrued taxes Bonds payable (long-term) Common stock Assets $ 84,000 378,000 245,000 433,000 Inventory Plant and equipment Total assets Paid-in capital Retained earnings Liabilities and Equity $ 227,000 83,000 217,000 100,000 150,000 363,000 $ 1,140,000 $ 1,140,000 Total liabilities and equity Compute the following ratios: Note: Use a 360-day year. Do not round intermediate calculations. Round your answers to 2 decimal places. Input your debt-to- total assets answer as a percent rounded to 2 decimal places. a. Current ratio times b. Quick ratio times c. Debt-to-total-assets ratio % d. Asset turnover times e. Average collection period days < Prev H 1
Expert Answer:
Posted Date:
Students also viewed these finance questions
-
machine element is made of an alloy with Yield strength of 200 Mpa and fracture strain is 0.08. A machine element is characterized by the normal stress components as shown in the figure. The Answer...
-
Microprocessor chips often do not include floating-point operations in their hardware instruction set. Floating-point instructions must then be implemented either by using software functions or via...
-
Extract \(p\)-xylene and o-xylene from \(n\)-hexane diluent using \(\beta, \beta^{\prime}\) thiodipropionitrile as solvent. Solvent and diluent can be assumed to be immiscible. Feed rate is \(1000.0...
-
(Appendix) Record journal entries in a standard costing system (Learning Objective 6) Refer to the Watermate Data Set on page 649. Use a standard cost accounting system to: 1. Record Watermates...
-
Suppose that Chickasaws articles of incorporation failed to describe the corporations purpose or management structure as required by state law. Would the court be likely to rule that Sharp is...
-
Bell Company produces stainless steel drink tumblers, its only product. These tumblers are stamped with company logos and used as promotional items. Following are simplified job cost sheets for two...
-
During the fiscal year ending December 3 1 , 2 0 2 3 , Hewett Ltd . Co . had an operational profit of P 8 3 , 0 0 0 before taxes. The operational profit's expected income tax is P 3 9 , 0 0 0 ....
-
Recall your learning experience related to lifestyle adjustments to achieve optimum health and wellness through your own reading and discussions in the respective tutorial sessions and e-Forums....
-
For the following power system network shown in the figure, the specifications of the component are as follows: G1: 25 KV, 100 MVA, X-9% G2: 25 KV, 100 MVA, X=9% T1: 25/220 kV, 90 MVA, X=12% T2: 220...
-
Based on teh following data, should we undertake an investment in Project X?Our analysis reveals that we can sell 500 units at a price of $10,000 each during each year.The project has a useful life...
-
Mkombozi LTD has three production departments and two service departments.The following is their budgeted factory overheads for the year ended 30 December 2014: Shs. Shs. Production departments A...
-
Beth's Hot Chips on-line business uses a T1 line to connect their electronic business to the internet. They have been in business for one year and have had the same bandwidth (Internet access...
-
J + Inc has 5 million debt outstanding in bonds at an interest rate of 12 %. Current yield to maturity is 14 % ( yield to maturity). The corporation is taxed at a 40 % tax rate. which is the cost of...
-
As of January 1, 2018, Room Designs, Inc. had a balance of $9,900 in Cash, $3,500 in Common Stock, and $6,400 in Retained Earnings. These were the only accounts with balances in the ledger on January...
-
Esteban Almada was recently promoted to loan officer at First Federal Bank. He has authority to issue loans up to $75,000 without approval from a higher bank official. This week two small companies,...
-
Refer to CVS Corporations annual report in the Supplement to Chapter 1 to answer the following questions. (Note that 2004 refers to the year ended January 1, 2005, and 2003 refers to the year ended...
-
Review the multistep income statement presented in Exhibits 3 and 4. In your group, discuss how this form of the income statement meets each of these qualitative characteristics of accounting...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App