Porter Co. reported the following on its December 31, 2009, balance sheet: Liabilities and Owners' Equity: Accounts payable . $ 3,000 Notes payable ....

Porter Co. reported the following on its December 31, 2009, balance sheet:Liabilities and Owners’ Equity:Accounts payable . . . . . . . . . . . . . . . . . . . . . . $ 3,000Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . 22,000Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . 45,000Common stock . . . . . . . . . . . . . . . . . . . . . . . . 1 1 0,000Preferred stock . . . . . . . . . . . . . . . . . . . . . . . . 20,000Additional paid-in capital . . . . . . . . . . . . . . . . . 70,000Retained earnings . . . . . . . . . . . . . . . . . . . . . . 32,000Treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . 1 2,000 The debt ratio for Porter Co. in 2009 (rounded) is a. 20.5%. c. 28.7%. b. 24.1%. d. 31.8%.I got "B: 24.1%

Solution:Accounts payable3000Notes payable22000Bonds payable45000Common stock110000Preferred stock20000Additonal paid in capital 70000Retained earnings32000Treasury stock-12000Total...