I want to correct answer accounting question Mountain Peak Electronics reported a debt-to-equity ratio of 0.85 times atthe end of 2023. If the firm's total debt at year-end was $42 million, howmuch equity does Mountain Peak have on its balance sheet? (Write theanswer in millions of dollars to 2 decimal places.)

Step 1: Write the debt-to-equity ratio formulaStep 2: Rearrange to solve for Total EquityStep 3:…

Answered: Mountain Peak Electronics reported a…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 23MCQ

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Mountain Peak Electronics reported a debt-to-equity ratio of 0.85 times at the end of 2023. If the firm's total debt at year-end was $42 million, how much equity does Mountain Peak have on its balance sheet? (Write the answer in millions of dollars to 2 decimal places.)