Bonita Corporation began operations January 1, 2022. Given the below information for Bonita Corporation: Bonita Corporation Statement of Financial Position December 31 2023 Cash $15,000 Accounts Receivable 25,900 Inventory 13,900 Total Current Assets 54,800 Property, Plant & Equipment 74,700 Total Assets 129,500 Accounts Payable 11,000 Deferred Revenue 15,600 Note Payable (due 2026) 48,300 Total Liabilities 74,900 Common Shares 20,000 Retained Earnings 34,600 Shareholders' Equity 54,600 Total Liabilities & Equity 129,500 2022 $9,800 19,000 14,000 42,800 74,700 117,500 9,300 19,800 48,300 77.400 20,000 20,100 40,100 117,500 Bonita Corporation Statement of Income For the year ending December 31 2023 2022 Sales $218,800 $128,800 Cost of goods sold 128,200 83,000 Gross margin 90,600 45,800 Operating expenses 62,400 20,900 Interest expense 4,900 2,300 Income before income tax 23,300 22,600 Income tax expense 4,660 4,520 Net income 18,640 18,080 (a) Calculate debt-to-total assets ratios. (Round answers to 2 decimal places, e.g. 15.25%.) 2023 2022 Debt-to-total assets ratios % Identify for each whether or not there has been a year-over-year improvement or deterioration. The debt-to-total assets ratio has year-over-year indicating Save for Later Attempts: 0 of 1 used Submit