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Selected information from Willingham Corp.’s financial statements for the year ended December 31 included the following (in $ millions):
During the year, Willingham paid $14 million cash to purchase a franchise and fully expensed the franchise cost. If the company had elected to amortize the franchise cost over 7 years instead of expensing it, Willingham’s total asset-to-equity ratio would be closest to: A. 2.16. B. 3.15. C. 1.84. |