Stewart Inc.'s latest EPS was $3.50, its book value per share was $22.75, it had 160,000 shares outstanding, and its debt-to-assets ratio was 46%. How much debt was outstanding?
Select the correct answer.
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EPS = $3.50
Book value per share = $22.75
Shares outstanding = 160,000
Debt-to-assets ratio = 46%
Total book value of Equity = 160,000 * $22.75 = $3,640,000
Total Debt / total Assets = 0.46
Total Debt / (Total Debt + Total Equity) = 0.46
Total Debt / (Total Debt + $3,640,000) = 0.46
Total Debt = 0.46 Total Debt + 0.46*3,640,000
Total Debt = 0.46 Total Debt + $1,674,400
0.54 Total Debt = $1,674,400
Total Debt = $3,100,741
Stewart Inc.'s latest EPS was $3.50, its book value per share was $22.75, it had 160,000...
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