LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2918 2917 Gross sales $22, 809 $17, 250 Sales returns and allowances 1,808 Net sales $21, 809 $17, 158 Cost of merchandise (goods) sold 11, 250 8, 250 Gross profit 9,750 8,908 Operating expenses: Depreciation $ 1,809 $ 750 Selling and administrative 4,450 3,509 Research 856 658 Miscellaneous 660 458 Total operating expenses $ 6,960 $ 5,350 Income before interest and taxes $ 2,798 $ 3,550 Interest expense 860 658 Income before taxes $ 1,939 $ 2,908 Provision for taxes 772 1, 168 Net income $ 1, 158 $ 1, 748 LOGIC COMPANY Comparative Balance Sheet December 31, 2817 and 2018 2918 2917 Assets Current assets: Cash $13, 580 $10, 580 Accounts receivable 18, 080 14, 090 Merchandise inventory 10, Gee 15, 580 Prepaid expenses 25, 580 11, 580 Total current assets $67,980 $51, 589 Plant and equipment: Building (net) $15,980 $12, 580 Land 15, 980 18, 580 Total plant and equipment $30,989 $23,090 Total assets 497,980 $74, 580 Liabilities Current liabilities: Accounts payable $14, 580 $ 8, 580 Salaries payable 8,580 6,589 Total current liabilities $23,080 $15, 080 Long-term liabilities: Mortgage note payable 23, 689 22, 080 Total liabilities $46, 680 $37,080 Stockholders' Equity Common stock $22, 580 $22, 680 Retained earnings 28, 889 14,980 Total stockholders' equity $51,389 $37, 589 Total liabilities and stockholders' equity $97,980 $74, 580 Calculate the total debt to total assets ratio. (Round your answers to the nearest hundredth.) Total debt to total assets ratio