Waterway Corporation began operations January 1, 2022. Given the below information for Waterway Corporation: Waterway Corporation Statement of Financial Position December 31 2023 2022 Cash $15,600 $10,500 Accounts Receivable 22,700 19,400 Inventory 13,500 15,900 Total Current Assets 51,800 45,800 Property, Plant & Equipment 64,200 64,200 Total Assets 116,000 110,000 Accounts Payable 9,700 9,500 Deferred Revenue 16,500 18,100 Note Payable (due 2026) 49,400 49,400 Total Liabilities 75,600 77,000 Common Shares 20,000 20,000 Retained Earnings 20,400 13,000 Shareholders' Equity 40,400 33,000 Total Liabilities & Equity 116,000 110,000 Waterway Corporation Statement of Income For the year ending December 31 2023 2022 Sales $231,100 $122,900 Cost of goods sold 148,600 83,100 Gross margin 82,500 39,800 Operating expenses 60,100 24,400 Interest expense 4,600 2,800 Income before income tax 17,800 12,600 Income tax expense 3,560 2,520 Net income 14,240 10,080 (a) Calculate debt-to-total assets ratios. (Round answers to 2 decimal places, e.g. 15.25%.)