I want to correct answer general accounting question In 2024, Power Solutions Inc. reported an EBIT of $725,000; $1.8 million inshareholder's equity; accounts payable balance of $320,000; and $495,000 intotal liabilities. What was the company's debt-to-equity ratio for 2024?a) 0.28b) 0.27c) 0.18d) 0.35

Step 1: Definition of Debt-to-Equity RatioThe Debt-to-Equity Ratio is a financial metric that…

Answered: In 2024, Power Solutions Inc. reported…

Cornerstones of Financial Accounting

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ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

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Provide correct answer in financial accounting
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In 2024, Power Solutions Inc. reported an EBIT of $725,000; $1.8 million in shareholder's equity; accounts payable balance of $320,000; and $495,000 in total liabilities. What was the company's debt-to-equity ratio for 2024? a) 0.28 b) 0.27 c) 0.18 d) 0.35