Chestnut,Inc.had the following balances on its 12/31/16 balance sheet,before buying land.
If Chestnut were to purchase land for $40,000 on credit under an agreement to pay for the land in one year,what would be its debt-to-assets ratio immediately after the purchase?
A) 0.42
B) 0.46
C) 0.37
D) 0.34
Correct Answer:
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