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Pettijohn Inc. The balance sheet and income statement shown below are for Pettijohn Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over Balance Sheet (Millions of S) Assets 2016 Cash and securities S 1.554.0 Accounts receivable 9.660.0 Inventories 12.440,0 Total current assets $24,654.0 Net plant and equipment 17,346,0 Total assets $42.000.0 Liabilities and Equity Accounts payable $ 7,9800 Notes payable 5.880.0 Accruals 4.620.0 Total current liabilities $18,4800 Long-term bonds 10.920,0 Total liabilities $29.400.0 Common stock 3,360.0 Common stock Retained earnings Total common equity Total liabilities and equity Income Statement (Millions of S) Net sales Operating costs except depr'n Depreciation Earnings bef int and taxes (EBIT) Less interest Earnings before taxes (EBT) Taxes Net income Other data: Shares outstanding (millions) Common dividends Int rate on notes payable & L-T bonds Federal plus state income tax rate 3,360.0 9,240.0 $12.600.0 $42,000.0 2016 $58,800.0 $54,978.0 $ 1.029.0 $ 2,793.0 1.050.0 $ 1,743.0 $ 610.1 $ 1,133.0 175.00 S 509.83 6.25% 3506 Shares outstanding (millions) 175.00 Common dividends $ 509.83 Int rate on notes payable & L-T bonds 6.25% Federal plus state income tax rate 35% Year-end stock price $77.69 Refer to the data for Pettijohn Inc. What is the firm's debt ratio (i.e., debt-to-assets ratio)? O 36.40% O 40.00% 38.00% O 35.00% 33.87%