Tiggie's Dog Toys, Inc. reported a debt-to-equity ratio of 1.20 times at the end of 2018....
Tiggie's Dog Toys, Inc. reported a debt-to-equity ratio of 1.20 times at the end of 2018. The firm's total assets at year-end were $28.60 million. How much of their assets are financed with debt and how much with equity? (Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 3 decimal places.)
Homework Answers
debt-to-equity ratio=debt/equity
Hence debt=1.2*equity
Total assets=debt+equity
28.6=1.2*equity+equity
equity=28.6/(1.2+1)
=$13 million
debt=1.2*equity
=(1.2*13)=$15.6 milion
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Tiggie's Dog Toys, Inc. reported a debt-to-equity ratio of 1.20
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