Company-Balance Sheet
Lozano Chip Company: Balance Sheet as of December 31, 2013 (Thousands of Dollars)Cash$ 225,000Accounts payable$601,866Receivables1,575,000Notes payable326,634Inventories1,125,000Other current liabilities525,000 Total current assets$2,925,000 Total current liabilities$1,453,500Net fixed assets1,350,000Long-term debt1,068,750Common equity1,752,750Total assets$4,275,000Total liabilities and equity$4,275,000Lozano Chip Company: Income Statement for Year Ended December 31, 2013 (Thousands of Dollars)Sales$7,500,000Cost of goods sold6,375,000Selling general and administrative expenses825,000 Earnings before interest and taxes (EBIT)$ 300,000Interest expense111,631 Earnings before taxes (EBT)$ 188,369Federal and state income taxes (40%)75,348Net income$ 113,022What is the Total debt/Total assets ratio?