Mitchell Florists Had the Following Total Assets, Liabilities, and Equity

question 123

Multiple Choice

Mitchell Florists had the following total assets, liabilities, and equity as of December 31. What is Mitchell's debt ratio as of December 31?

• A)30%
• B)70%
• C)100%
• D)43%

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Definitions:

Nitrogen

A chemical element, denoted by N, which is a vital component of amino acids and nucleic acids.

Ammonium

A positively charged ion (NH4+) formed by the addition of a hydrogen ion to ammonia, important in nitrogen metabolism.

Nitrate

A polyatomic ion with the chemical formula NO3-, commonly found in fertilizers and an essential nutrient for plant growth.

Plants

Multicellular organisms that typically produce their own food through photosynthesis and have cell walls made of cellulose.