The Fiscal 2017 Financial Statements of Reed Enterprises Shows Average

Multiple Choice

The fiscal 2017 financial statements of Reed Enterprises shows average net operating assets (NOA) of $4,795 million, average net nonoperating obligations (NNO) of $605 million, average total liabilities of $6,330 million, and year-end equity of $5,240 million.
The company's 2017 financial leverage (FLEV) is:

A) 0.144
B) 0.126
C) 0.115
D) 0.091
E) There is not enough information to determine the ratio.