The liabilities and owners' equity for Campbell Industries is found here:

Accounts payable $478,000 Notes payable $260,000 Current liabilities $738,000 Long-term debt $1,107,000 Common equity $5,132,000 Total liabilities and equity $6,977,000

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a.What percentage of the firm's assets does the firm finance using debt (liabilities)?

b.If Campbell were to purchase a new warehouse for $1.2 million and finance it entirely with long-term debt, what would be the firm's new debt ratio?

a.What percentage of the firm's assets does the firm finance using debt (liabilities)?

The fraction of the firm's assets that the firm finances using debt is ____%.

(Round to one decimal place.)