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

Accounts payable	$539,000
Notes payable	$241,000
Current liabilities	$780,000
Long-term debt	$1,149,000
Common equity	$4,620,000
Total liabilities and equity	$6,549,000

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

b.  If Campbell purchased a new warehouse for $1.2 million and financed 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

enter your response here%.

(Round to one decimal place.)