What was the company's debt-to-equity ratio? In 2011, Utility Queen recorded an EBIT (Earning beforeIncome Tax) of $535,000; $1.35 million in shareholder'sequity; accounts payable balance of $250,000; and$385,000 in total liabilities. What was the company'sdebt-to-equity ratio for 2011?a) 0.33b) 1.54c) 0.29

Step 1: Define Earning Before Interest and Tax (EBIT)EBIT is a valuable measure that depicts an…

Answered: In 2011, Utility Queen recorded an EBIT…

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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In 2011, Utility Queen recorded an EBIT (Earning before Income Tax) of $535,000; $1.35 million in shareholder's equity; accounts payable balance of $250,000; and $385,000 in total liabilities. What was the company's debt-to-equity ratio for 2011? a) 0.33 b) 1.54 c) 0.29