Converse Florists & Co. reported assets of $ 1 comma 200 and equity of $ 350. What is its debt ratio? (Round your percentage answer to two decimal places.)

70.83%

Explanation:

Given that,

Company's assets = $1,200

Equity = $350

Dept = Reported assets - Company's equity

= $1,200 - $350

= $850

Dept ratio = (Debt : Total assets) * 100

= ($850 : $1,200) * 100

= 0.7083 * 100

= 70.83%

Therefore, the Dept ratio of Converse Florists & Co. is 70.83%.