Accounts payable	$510,000
Notes payable	$253,000
Current liabilities	$763,000
Long-term debt	$1,238,000
Common equity	$4,638,000
Total liabilities and equity	$6,639,000

What percentage of the firm's assets does the firm finance using debt (liabilities)? b. If Campbell were to purchase a new warehouse for $ 1.2 million and finance it entirely with long-term debt, what would be the firm's new debt ratio? Question content area bottom Part 1 a. What percentage of the firm's assets does the firm finance using debt (liabilities)? The fraction of the firm's assets that the firm finances using debt is enter your response here%. (Round to one decimal place.)