The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,310,000,...

50.1K

Verified Solution

Question

Accounting

The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,310,000, with 75 percent of sales sold on credit.REVOLUTION CLOTHIERSBalance Sheet 20X1AssetsLiabilities and EquityCash$ 21,000Accounts payable$ 282,000Accounts receivable347,000Accrued taxes131,000Inventory318,000Bonds payable (long-term)186,000Plant and equipment417,000Common stock100,000 Paid-in capital150,000 Retained earnings254,000Total assets$ 1,103,000Total liabilities and equity$ 1,103,000Compute 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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students