Toggle's Pet Supplies, Inc. reported a debt-to-equity ratio of 1.85 times at the end of 2022. If the firm's total debt at year-end was $42 million, how much equity does Toggle's have on its balance sheet? (Write the answer in millions of dollars to 2 decimal places.)

Toggle's Pet Supplies, Inc. reported a debt-to-equity ratio of 1.85 times at the end of 2022. If the firm's total debt at year-end was $42 million, how much equity does Toggle's have on its balance sheet? (Write the answer in millions of dollars to 2 decimal places.)

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter7: Analysis Of Financial Statements

Section: Chapter Questions

Problem 2P: Vigo Vacations has $200 million in total assets, $5 million in notes payable, and $25 million in...

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Need answer the financial accounting question

Toggle's Pet Supplies, Inc. reported a debt-to-equity ratio
of 1.85 times at the end of 2022. If the firm's total debt at
year-end was $42 million, how much equity does
Toggle's have on its balance sheet?
(Write the answer in millions of dollars to 2 decimal
places.)

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