Debt-to-asset ratio

J.C. Olson &Co. had earnings per share of $8 in year 2006, andit paid a $4 dividend.Book value per share at year's end was$80.During the sameperiod, the total retained earningsincreased by $24 million.Olson has no preferred stock, andno new common stock was issued during the year.IfOlson'syear-end debt (which equals its total liabilities) was $240million, what was the company's year-end debt-to-asset ratio?


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