Trevor Corporation had $2,900,000 in total liabilities and $4,300,000 in total assets as of December 31, 2019.

Question:

Trevor Corporation had $2,900,000 in total liabilities and $4,300,000 in total assets as of December 31, 2019. Trevor calculates that 40% of assets are designated as current, while $500,000 of Trevor's total liabilities are long-term.

Required:

Calculate Trevor's debt to assets ratio and its long-term debt to equity ratio.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...