Income Statement Question: FRA Question Bank

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The following data are available for a company and its industry:
Company Common-Size Balance Sheet As of 31 December 2013

Percent
Assets

Cash and short-term investments
43.2
Accounts receivable
9.4
Inventory
0.6
Total current assets
53.2
Net property, plant, and equipment (PP&E)
3.9
Goodwill
40.0
Other long-term assets
2.9
Total assets
100.0
Liabilities and Shareholders’ Equity

Short-term debt
1.6
Accrued liabilities and accounts payable
17.8
Total current liabilities
19.4
Long-term debt
20.1
Other long-term liabilities
6.5
Total liabilities
46.0
Total stockholders’ equity
54.0
Total liabilities and shareholders’ equity
100.0
Data for Comparison
Industry
Debt to equity
50.0%
Long-term debt to equity
40.0%
Which of the following statements about the company is most appropriate? The company:

1. has more financial leverage than the industry.
2. has made significant acquisitions in the past.
3. is an electric utility.

I answered 1. but the answer is 2.
Isn’t financial leverage equal to Assets/Equity which for the company is 100/54 = 1.85 while for the industry it must be 1.5 i.e (we know D/E = 0.5 so D = 0.5E we also know A = D+E so A = 1.5E so A/E aka fin. leverage is 1.5)
Am I missing something?