The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,190,000, with 75 percent of sales sold on credit.REVOLUTION CLOTHIERSBalance Sheet 20X1AssetsCashAccounts receivableInventoryPlant and equipmentTotal assets$ 24,000283,000266,000450,000a. Current ratiob. Quick ratioc. Debt-to-total-assets ratiod. Asset turnovere. Average collection period$ 1,023,000Accounts payableAccrued taxesLiabilities and Equitytimestimes%timesdaysBonds payable (long-term)Common stockPaid-in capitalRetained earningsTotal liabilities and equityCompute 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.$ 279,000107,000130,000100,000150,000257,000$ 1,023,000

Name: The balance sheet for Revolution Clothiers is shown below. Sales for
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Description: The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,190,000, with 75 percent of sales sold on credit.REVOLUTION CLOTHIERSBalance Sheet 20X1AssetsCashAccounts receivableInventoryPlant and equipmentTotal assets$ 24,00

Current ratio = Current assets/Current liabilities = (Cash+Accounts receivable+Inventory)/(Accounts…

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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 b. Quick ratio c. Debt-to-total-assets ratio d. Asset turnover e. Average collection period times times % times days

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 b. Quick ratio c. Debt-to-total-assets ratio d. Asset turnover e. Average collection period times times % times 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 51E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
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