Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $22,800 $17,850 Sales returns and allowances 900 100 Net sales $21,900 $17,750 Cost of merchandise (goods) sold 11,050 7,700 Gross profit $10,850 $10,050 Operating expenses : Depreciation $ 1,080 $ Selling and administrative 5,050 3,900 Research 930 690 Miscellaneous 740 490 Total operating expenses $ 7,800 $ 5,870 Income before interest and taxes $ 3,050 $ 4,180 Interest expense 940 690 Income before taxes $ 2,110 $ 3,490 Provision for taxes 844 1,396 Net income $ 1,266 $ 2,094 790 Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 $11,800 $ 8,600 16,100 12,100 8, 100 13,600 23,600 9,600 $ 59,600 $ 43,900 $ 14,000 $10,600 13,100 8,600 $ 27,100 $ 19, 200 $ 86,700 $63,100 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total ssets Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 12,600 $ 6,600 6,700 4,600 $ 19,300 $11,200 21,600 20,100 $ 40,900 $31,300 $ 20,600 $ 20,700 25, 200 11,100 $ 45,800 $31,800 $ 86,700 $63,100 Calculate the total debt to total assets ratio. (Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth.) 2020 2019 Total debt to total assets ratio