Use the Balance Sheets of Glover Shown Below to Calculate

Use the balance sheets of Glover shown below to calculate the following ratios for 2018 (round to the hundredths):
(a) Current ratio.
(b) Acid-test ratio.
(c) Debt ratio.
(d) Equity ratio.
$\begin{array}{c} \text {Glover Company}\\ \text {Balance Sheets}\\ \text {December 31, 2018 and 2017}\\\begin{array}{|l|l|l|}\hline & \underline{2018} & \underline{2017} \\\hline \text { Assets: } & & \\\hline \text { Cash } & \$ 43,000 & \$ 22,000 \\\hline\end{array}\end{array}$

$$\begin{array} {| l | l | l |} \hline\text { Accounts receivable } & 38,000 & 42,000 \\\hline \text { Merchandise inventory } & 61,000 & 52,000 \\\hline \text { Prepaid insurance } & 6,000 & 9,000 \\\hline \text { Long-term investments } & 49,000 & 20,000 \\\hline \text { Plant assets (net) } & 218,000 & 218,000 \\\hline \text { Total assets } & \$ 415,000 & \$ 363,000 \\& & \\ \hline\\\hline \text { Current liabilities } & & \\\hline \text { Long-term liabilities } & \$ 62,000 & \$ 75,000 \\\hline \text { Common stock } & 45,000 & 36,000 \\\hline \text { Retained earnings } & 150,000 & 150,000 \\\hline \text { Total liabilities and equity } & 158,000 & 102,000 \\\hline\end{array}$$