For the following questions, circle the best response.
Use the following information for Question.
Porter Co. reported the following on its December 31, 2010, balance sheet:
Liabilities and Owners’ Equity: |
|
Accounts payable | $ 3,000 |
Notes payable | 22,000 |
Bonds payable | 45,000 |
Common stock | 110,000 |
Preferred stock | 20,000 |
Additional paid-in capital | 70,000 |
Retained earnings | 32,000 |
Treasury stock | 12,000 |
The debt/equity ratio for Porter Co. in 2010 (rounded) is
a. 20.5%
b. 24.1%
c. 28.7%
d. 31.8%
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