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

Accounts payable $513,000

Notes payable $253,000

Current liabilities $766,000

Long-term debt $1,118,000

Common equity $5,069,000

Total liabilities and equity $6,953,000

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 $ 1.1 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.)