Consider the following balance sheet for Go The Distance Trading Cards. Sales were $1,200,000 in the past year.
Go The Distance Trading Cards Balance Sheet, 2013:
Assets $
Current Assets $74,630.00
Net fixed Assets (Net PPE) $224,900.00
Total Assets $299,530.00
Liabilities and Shareholder Equity
Current Liabilities $43,510.00
Long-term liabilities (Long term debt) $93,200.00
Total Liabilities $136,710.00
Shareholder equity $162,820.00
Total Liabilities and Shareholder Equity $299,530.00
What is the debt-to-asset ratio for this firm?