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A firm has a long-term debt of $63,000

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A firm has a long-term debt of $63,000. The long-term debt ratio is 0.40 and the equity multiplier is 1.8. What is the amount of total assets? Hint: By using the equity multiplier, we can determine the amount of total assets. But, we will need to know the amount of total equity. Total equity can be found by using the long-term debt ratio.