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Use the information below to answer this question. ABC Corporation Selected Financial...

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Accounting

Use the information below to answer this question.
ABC Corporation
Selected Financial Statement Information for the Year Ended December 31
(In millions except per share data)
INCOME STATEMENT (PERIOD 20X1)
Sales $8,500
Cost of Goods Sold -6,800
Gross Profit 1,700
General & admin. expenses -200
Depreciation expense -500
Interest expense -150
Income before tax 850
Tax expense -310
Net income 540
Earnings per share $2.84
BALANCE SHEET
20x1(Beginning)20x1(Endings)
Assets
Cash 360380
Marketable Securities 300100
Receivables 1,100130
Inventories 600910
Other 1,900660
Total Current Assets 4,2602,180
Property, Plant & Equipment 5,2303,400
Other Assets 2,3001,000
Total Assets $11,790 $6,580
Liabilities and Shareholder's Equity
Accounts Payable 2,8001,300
Long-Term Debt 2,400900
Other Liabilities 1,5001,400
Total Liabilities 6,7003,600
8% Preferred Stock 500500
Common Stock 2,0001,800
Retained Earnings 2,590680
Total Liabilities & Shareholder's Equity $11,790 $6,580
The debt to equity ratio is closest to:

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