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

Accounts payable $520,000 Notes payable $257,000 Current liabilities $777,000 Long-term debt $1,188,000 Common equity $4,853,000 Total liabilities and equity $6,818,000

a.What percentage of the firm's assets does the firm finance using debt (liabilities)? (Round to one decimal place)

b.If Campbell were to purchase a new warehouse for $1.3 million and finance it entirely with long-term debt, what would be the firm's new debt ratio?