What is the debit to asset ratio? The following information is available from the most recent financial statements of the Attaché Corporation:Total Assets$ 800,000Net Income120,000Average total liabilities400,000Sales revenue1,500,000Total liabilities500,000Average total assets700,000What is the debt-to-asset ratio?Multiple Choice571%662.5%48 of 50Next >

Debt to asset ratio = Total liabilities/Total assets x 100

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information is available from the most recent financial statements of the Attaché Corporation: Total Assets $ 800,000 Net Income 120,000 Average total liabilities 400,000 Sales revenue 1,500,000 500,000 Total liabilities Average total assets 700,000 What is the debt-to-asset ratio?