Accounts payable $472,000$

Notes payable $260,000$

Total current liabilities $732,000$

Long$-$term debt $1,105,000$

Total liabilities $1,837,000$

Total common stockholders' equity $5,252,000$

Total liabilities and stockholders' equity $7,089,000$

a$.$ What percentage of the firm's assets does the firm finance using debt $($liabilities$)?$

b$.$ If Campbell were to purchase a new warehouse for $$1\mathrm{.}21\mathrm{.}2$ million and finance it entirely with long$-$term debt, what would be the firm's new debt ratio?