Please Refer to the Partial Balance Sheet Data Provided Below

Multiple Choice

Please refer to the partial balance sheet data provided below: $\begin{array}{|l|c|c|c|c|}\hline \text { (Dollar amounts in millions) } & 2017 & & 2016 & \\\hline & \text { Amount } & \% \text { of total } & \text { Amount } & \% \text { of total } \\\hline{\text { Liabilities }} & \\\hline \text { Current liabilities } & \\\hline \text { Accounts payable } & \$ 8500 & 3.1 \% & \$ 7300 & 2.9 \% \\\hline \text { Other current liabilities } & 1400 & 0.5 \% & 3900 & 1.6 \% \\\hline \text { Total current liabilities } & 9900 & 3.6 \% & 11200 & 4.5 \% \\\hline \text { Long-term loans payable } & 54000 & 19.7 \% & 30000 & 12.0 \% \\\hline \text { Total liabilities } & \$ 63900 & 23.4 \% & \$ 41200 & 16.5 \% \\\hline \text { Shareholders' equity } \\\hline \text { Share capital } & 161000 & 58.9 \% & 161000 & 64.4 \% \\\hline \text { Retained earnings } & 48700 & 17.8 \% & 47900 & 19.2 \% \\\hline \text { Total shareholders' equity } & \$ 209700 & 76.6 \% & \$ 208900 & 83.5 \% \\\hline \text { Total liabilities and shareholder's' equity } & \$ 273600 & 100.0 \% & \$ 250100 & 100.0 \% \\\hline\end{array}$ Which of the following would be a valid conclusion from the above data?

A) Shareholders' equity,as a percentage of total liabilities and shareholders' equity,declined over a two year period.
B) Shareholders' equity declined to 76.6% of net sales in 2017.
C) Shareholders' equity was up 76.6% over a two year period.
D) Shareholders' equity was equal to 76.6% of total liabilities in 2017.