The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,460,000, with 75 percer credit. Cash Accounts receivable k Inventory Plant and equipment ht ences Total assets REVOLUTION CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity $ 54,000 348,000 Accounts payable Accrued taxes $ 287,000 93,000 272,000 Bonds payable (long-term) 131,000 464,000 Common stock 100,000 Paid-in capital 150,000 Retained earnings 377,000 $ 1,138,000 Total liabilities and equity $ 1,138,000 Compute the following ratios: Note: Use a 360-day year. Do not round intermediate calculations. Round your answers to 2 decimal places. I 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
The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,460,000, with 75 percer credit. Cash Accounts receivable k Inventory Plant and equipment ht ences Total assets REVOLUTION CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity $ 54,000 348,000 Accounts payable Accrued taxes $ 287,000 93,000 272,000 Bonds payable (long-term) 131,000 464,000 Common stock 100,000 Paid-in capital 150,000 Retained earnings 377,000 $ 1,138,000 Total liabilities and equity $ 1,138,000 Compute the following ratios: Note: Use a 360-day year. Do not round intermediate calculations. Round your answers to 2 decimal places. I 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
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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