The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,880,000, with 75 percent of sales sold on credit. Assets Cash Accounts receivable Inventory Plant and equipment Total assets REVOLUTION CLOTHIERS Balance Sheet 20X1 a. Current ratio b. Quick ratio c. Debt-to-total-assets ratio d. Asset turnover e. Average collection period $ 60,000 311,000 276,000 389,000 $ 1,036,000 Accounts payable Accrued taxes Liabilities and Equity Bonds payable (long-term) Common stock Paid-in capital Retained earnings. 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. times times % times days $ 279,000 91,000 132,000 100,000 150,000 284,000 $ 1,036,000
The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,880,000, with 75 percent of sales sold on credit. Assets Cash Accounts receivable Inventory Plant and equipment Total assets REVOLUTION CLOTHIERS Balance Sheet 20X1 a. Current ratio b. Quick ratio c. Debt-to-total-assets ratio d. Asset turnover e. Average collection period $ 60,000 311,000 276,000 389,000 $ 1,036,000 Accounts payable Accrued taxes Liabilities and Equity Bonds payable (long-term) Common stock Paid-in capital Retained earnings. 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. times times % times days $ 279,000 91,000 132,000 100,000 150,000 284,000 $ 1,036,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
s
Transcribed Image Text:The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,880,000, with 75 percent of sales sold on
credit.
Assets
Cash
Accounts receivable
Inventory
Plant and equipment
Total assets
REVOLUTION CLOTHIERS
Balance Sheet 20X1
a. Current ratio
b. Quick ratio
c. Debt-to-total-assets ratio
d. Asset turnover
e. Average collection period
$ 60,000
311,000
276,000
389,000
$ 1,036,000
Accounts payable
Accrued taxes.
Liabilities and Equity
Bonds payable (long-term)
Common stock
Paid-in capital
Retained earnings
Total liabilities and equity
times
times
%
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.
times
days
$ 279,000
91,000
132,000
100,000
150,000
284,000
$ 1,036,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education