Billingsworth Company had earnings per share of $4 last year and it paid a $2 per share dividend. Total retained earnings increased by $12 million during the year, and the book value per share at year-end was $40. Billingsworth has no preferred stock, and no new common stock was issued during the year. If the company's year-end debt (which equals its total liabilities) was $120 million, what was its year-end debt/assets ratio?
1. Billingsworth's retained earnings increased by $12 million; therefore, there must be_______ shares outstanding.
2. With a book value of a $40 dollars per share, total common equity must be ________
3. Because Billingsworth has $120 million of total debt, its year-end debt/assets ratio must be________.