WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 $519,159 166,106 232,548 382,044 49.832 83,053 1.432,742 1,384,217 568,003 $3,384,962 $274,579 187,064 260,190 352,022 22958 85,029 1,181,842 625 421 425,000 $2.232.263 Current Assets Cash and cash equivalents Marketable securities Accounts receivable (net) Inventories Prepaid expenses Other current assets Total Current Assets Property, plant and equipment Long-term investment Total Assets Current Liabilities Short-term borrowings Current portion of long-term debt Accounts payable Accrued liabilities Income taxes payable Total Current Liabilities Long-term debt Deferred income taxes Total Liabilities Common stock Additional paid-in capital $306,376 155,000 228,700 246,292 87,962 1,024,330 500,000 193,515 1.717,845 $425.250 356,450 $170,419 168,000 257,631 150,285 161,020 907,355 300.000 236,164 1.443,519 $125,000 344,335 Accounts paysere Accrued liabilities Income taxes payable Total Current Liabilities Long-term debt Deferred income taxes Total Liabilities Common stock Additional paid in capital Retained earnings Total Stockholders Equity Total abilities and Stockholders Equity 2200 246,292 87,962 1,024330 500,000 193.515 1.717,845 $425250 356.450 885417 1.667.117 $3.384962 150.285 161,020 907,355 300,000 236,164 1,443,519 $125,000 344,335 319.409 788,744 $2.232.263 Selected Income Statement Data for the year ending December 31, Year 7 Net sales Cost of goods sold Selling expenses Operating income Interest expense Earnings before income taxes Income tax expense Net income 54,885,340 (2,978,182) (884,685) 1,022,473 {55.240) 967.228 (401,225) $566,008 Income tax expense Net income (401,225) $566,008 Selected Statement of Cash Flow Data for the year ending December 31, Year 7 Cash flows from operations Capital expenditures $1,310,476 $745,862 Required Wilmington Corporation's liabilities to equity ratio in Year 7 was: Select one: a. 1.03 b. 0.97 c. 1.63 d. 0.51