The balance sheets at the end of each of the first two years of operations indicate the following:
2017 2016
Cash and Receivables 600,000 560,000
Merchandise Inventory 60,000 40,000
Property, Plant, and Equipment, net 900,000 700,000
Total liabilities 475,000 315,000


for vertical analysis, what is the percentage of total liabilities to total assets for December 31, 2016? (round percent to one decimal point)?

A) 45.0%
B) 24.2%
C) 30.4%
D) 43.1%