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American Bacon Inc. financial statements are presented in the table below.
Based on the information in the table, calculate the firms total debt-to-equity ratio.
Round the answers to two decimal places in percentage form. (Write the percentage sign in the "units" box).
Balance Sheet December 31, 2010
| Cash and marketable securities | $102,000 | Accounts payable | $287,000 |
| Accounts receivable | $299,000 | Notes payable | $61,200 |
| Inventories | $628,000 | Accrued expenses | $51,900 |
| Prepaid expenses | $10,300 | Total current liabilities | $400,100 |
| Total current assets | $1,039,300 | Long-term debt | $415,000 |
| Gross fixed assets | $1,502,000 | Par value and paid-in-capital | $376,000 |
| Less: accumulated depreciation | $312,000 | Retained Earnings | $1,038,200 |
| Net fixed assets | $1,190,000 | Common Equity | 1,414,200 |
| Total assets | $2,229,300 | Total liabilities and owners equity | $2,229,300 |
Income statement, Year of 2010
| Net sales (all credit) | $6,387,700.00 |
| Less: Cost of goods sold | $4,726,898.00 |
| Selling and administrative expenses | $345,000.00 |
| Depreciation expense | $148,000.00 |
| EBIT | $1,167,802.00 |
| Interest expense | $50,600.00 |
| Earnings before taxes | $1,117,202.00 |
| Income taxes | $446,880.80 |
| Net income | $670,321.20 |
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