Financial Accounting Question The balance sheet for Summit Industries Inc. at the end of its first year ofoperations indicates the following:2023Total Current AssetsTotal InvestmentsTotal Property, Plant, and EquipmentCurrent Portion of Long-Term DebtTotal Long-Term LiabilitiesCommon Stock ($10 Par)Amount ($)$750,000$100,000$1,200,000$300,000$500,000$800,000Paid-in Capital in Excess of Par (Common Stock) $90,000Retained Earnings$450,000What is the long-term debt to total assets ratio for 2023 (rounded to onedecimal place)?a) 30.3%b) 32.8%c) 24.4%d) 35.5%

The long-term debt to total assets ratio is calculated using the formula:Long-term debt to total…

Answered: The balance sheet for Summit Industries…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 12P

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