The liabilities and owners equity for Campbell Industries:
Accounts payable $492,000
Notes payable $242,000
Current liabilities=734,000
Long-term debt $1,295,000
Common equity $5,252,000
Total liabilities and equity=7,281,000
(a) What percentage of the firm's assets does the firm fonance using debt (liabilities0
(b) If Campbell were to purchase a new warehouse for 1.5 million and finance it entirely with long-term debt, what would be the firm's new debt ratio?

a. What percentage of the firm's assets does the firm finance using debt (liabilities)

The fraction of the firm's assets that the firm finances using debt is %. (Round to one decimal place).
I have tried and I keep reading the material over and still not able to find the correct solution. I just need the steps in order for me to solve the problem! Please help.
Thanks,