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Wichita, Incorporated reported the following amounts on its financial statements prepared as of the end of the current accounting period: Revenues$226,000 Expenses160,480 Net Income $ 65,520Current Assets$ 63,000 Long-term Assets 189,000 Total Assets $252,000Current Liabilities$ 40,000 Long- term Liabilities93,000 Total Liabilities 133,000Common Stock$ 53,000 Retained Earnings66,000 Total Equity 119,000Total Liabilities and Equity $252,000 What is the company's debt-to-assets ratio?

Wichita, Incorporated reported the following amounts on its financial statements prepared as of the end of the current accounting period: Revenues$226,000 Expenses160,480 Net Income $ 65,520Current Assets$ 63,000 Long-term Assets 189,000 Total Assets $252,000Current Liabilities$ 40,000 Long- term Liabilities93,000 Total Liabilities 133,000Common Stock$ 53,000 Retained Earnings66,000 Total Equity 119,000Total Liabilities and Equity $252,000 What is the company's debt-to-assets ratio?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Wichita, Incorporated reported the following amounts on its financial statements prepared as of the end of the current accounting period: Revenues$226,000 Expenses160,480 Net Income $ 65,520Current Assets$ 63,000 Long-term Assets189,000 Total Assets $252,000Current Liabilities$ 40,000 Long- term Liabilities93,000 Total Liabilities 133,000Common Stock$ 53,000 Retained Earnings66,000 Total Equity 119,000 Total Liabilities and Equity $252,000 What is the company's debt-to-assets ratio?
Transcribed Image Text:Wichita, Incorporated reported the following amounts on its financial statements prepared as of the end of the current accounting period: Revenues$226,000 Expenses160,480 Net Income $ 65,520Current Assets$ 63,000 Long-term Assets189,000 Total Assets $252,000Current Liabilities$ 40,000 Long- term Liabilities93,000 Total Liabilities 133,000Common Stock$ 53,000 Retained Earnings66,000 Total Equity 119,000 Total Liabilities and Equity $252,000 What is the company's debt-to-assets ratio?
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