At the End of the Current Year, Norman Company Reported

question 144

Multiple Choice

At the end of the current year, Norman Company reported total liabilities of $300,000 and total equity of $100,000. The company's debt ratio on the last year-end was:

• A) 300%.
• B) 33.3%
• C) 75.0%.
• D) $400,000.
• E) Cannot be determined from the information provideD.On the last year-end, total liabilities were $300,000 and total equity was $100,000. That means total assets were $400,000. Therefore, the debt to assets ratio was $300,000/$400,000 or 75.0%.

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