Please solve these accounting problem Tiggie's Dog Toys, Inc. reported a debt-to-equity ratio of1.65 times at the end of 2015. If the firm's total debt at year-end was $35 million, how much equity does Tiggie's haveon its balance sheet? (Write the answer in millions of dollarsto 2 decimal places.)

Step 1: Define Reported ratiosReported ratios can be summarized as the ratios that an entity reports…

Answered: Tiggie's Dog Toys, Inc. 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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Tiggie's Dog Toys, Inc. reported a debt-to-equity ratio of 1.65 times at the end of 2015. If the firm's total debt at year- end was $35 million, how much equity does Tiggie's have on its balance sheet? (Write the answer in millions of dollars to 2 decimal places.)