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The Following Partial Balance Sheet Is Provided for Groome Company

Question 71

Multiple Choice

The following partial balance sheet is provided for Groome Company:  Liabilities and stockholders’ Equity  Accounts payable $15,300 Salaries payable 13,000 Bonds payable (due in ten years)  11,800 Common stock, no par 27,700 Retained earnings 91,500‾ Total liabilities and stockholders’ equity $159,300‾\begin{array}{lr}\text { Liabilities and stockholders' Equity }\\\\\text { Accounts payable } & \$ 15,300 \\\text { Salaries payable } & 13,000 \\\text { Bonds payable (due in ten years) } & 11,800 \\\text { Common stock, no par } & 27,700 \\\text { Retained earnings } &\underline{ 91,500} \\\text { Total liabilities and stockholders' equity } &\underline{ \$ 159,300}\end{array} What is the company's debt to assets ratio? (Rounded to nearest whole percent.)


A) 7%
B) 34%
C) 25%
D) Cannot be determined with the information given.

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