The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,200,000,...
90.2K
Verified Solution
Link Copied!
Question
Finance
The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,200,000, with 75 percent of sales sold on credit. REVOLUTION CLOTHIERS Balance Sheet 20X1 Assets Liabilities and Equity Cash $ 25,000 Accounts payable $ 247,000 Accounts receivable 351,000 Accrued taxes 97,000 Inventory 251,000 Bonds payable (long-term) 136,000 Plant and equipment 423,000 Common stock 100,000 Paid-in capital 150,000 Retained earnings 320,000 Total assets $ 1,050,000 Total liabilities and equity $ 1,050,000 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
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
