Phantom Incorporated, reported the following account balances on January 1. The company entered into the following transactions during the year. January 15 Issued 15,000 shares of $1 par common stock for $70,000 cash. Jenuary 31 collected $3,000 from customers on account. February 15 Reacquired 3,200 shares of $1 par common stock into treasury for $35,200 cash. March 15 Reissued 2,200 shares of treasury stock for $26,200 cash. Auqust 15 Reissued 600 shares of treasury stock for $4,600cash. September 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of coemon stock. October 1 Issued 100, 10-year, $1,110 bonds, at a quoted bond prico of 101 . October 3 Wrote off a $1,500 balance due from a customer who went bankrupt. December 29 Recorded $250,000 of service revenue, all of which was collected in cash. December 30 Paid $220,000 cash for this year's wages through Docember 31. (Ignore payrol1 taxes and payro11 deductions.) December 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interes and income taxes.) Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. (Round your answer to 2 decimal places.)