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Use the table for the question(s) below. Consider the following balance sheet: Luther Corporation Consolidated Balance Sheet December 31, 2019 and 2018 (in $ millions)
Use the table for the question(s) below.
Consider the following balance sheet:
Luther Corporation Consolidated Balance Sheet December 31, 2019 and 2018 (in $ millions) | ||||||
Assets | 2019 | 2018 | Liabilities and Stockholders' Equity | 2019 | 2018 | |
Current Assets | Current Liabilities | |||||
Cash | 63.6 | 58.5 | Accounts payable | 87.6 | 73.5 | |
Accounts receivable | 55.5 | 39.6 | Notes payable / shortterm debt | 10.5 | 9.6 | |
Inventories | 45.9 | 42.9 | Current maturities of longterm debt | 39.9 | 36.9 | |
Other current assets | 6.0 | 3.0 | Other current liabilities | 6.0 | 12.0 | |
Total current assets | 171.0 | 144.0 | Total current liabilities | 144.0 | 132.0 | |
LongTerm Assets | LongTerm Liabilities | |||||
Land | 66.6 | 62.1 | Longterm debt | 239.7 | 168.9 | |
Buildings | 109.5 | 91.5 | Capital lease obligations | |||
Equipment | 119.1 | 99.6 | Total Debt | 239.7 | 168.9 | |
Less accumulated depreciation | (56.1) | (52.5) | Deferred taxes | 22.8 | 22.2 | |
Net property, plant, and equipment | 239.1 | 200.7 | Other longterm liabilities | |||
Goodwill | 60.0 | Total longterm liabilities | 262.5 | 191.1 | ||
Other longterm assets | 63.0 | 42.0 | Total liabilities | 406.5 | 323.1 | |
Total longterm assets | 362.1 | 242.7 | Stockholders' Equity | 126.6 | 63.6 | |
Total Assets | 533.1 | 386.7 | Total liabilities and Stockholders' Equity | 533.1 | 386.7 |
When using the book value of equity, the debt to equity ratio for Luther in 2019 is closest to:
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