Problem
At January 1, 2019 ABC Company reported assets of $647,000; liabilities of $449,000; and equity of $198,000. During January, ABC Company recorded the following transactions:
a. The company purchased inventory on account. The cost of the inventory was $35,000.
b. ABC received $40,000 from a customer for services to be performed at a later date.
c. ABC paid its stockholders a dividend totaling $6,000.
d. ABC performed 20% of the services for the customer from transaction (b).
Calculate ABC Company's debt-to-equity ratio at January 31. Enter your answer as a number with two places after the decimal point (i.e., 6.78).