The following data were taken from the financial statements of Weal Construction Inc. for December 31, 2014 and 2013:
|Dec. 31, 2014||Dec. 31, 2013|
|Current maturities of serial bonds payable||440,000||440,000|
|Serial bonds payable, 10%, issued 2009, due 2019||1,840,000||2,280,000|
|Common stock, $1 par value||100,000||130,000|
|Paid in capital in excess of par||1,080,000||1,080,000|
The income before income tax was $843,600 and $738,200 for the years 2014 and 2013, respectively.
a.Determine the ratio of liabilities to stockholders’ equity at the end of each year. Round to one decimal place.