Problem: Review the formula for the debt ratio. Using this formula, look carefully at the balance sheet to locate the information you need. Calculate the debt ratio for each of the 3 years. When reporting the ratio, show the numerator and denominator used in in your calculations as well as the final result: d) Debt Ratio for 2013: e) Debt Ratio for 2014: f) Debt Ratio for 2015: Balance Sheet At December 31 Assets Current 2015 2014 2013 Cash $21 $8 $17 Accounts Receivable 38 30 20 Merchandise Inventory 60 40 30 Prepaid Expenses 1 2 3 Total Current Assets 120 80 70 Property, plant and equipment 260 150 76 Assets at carrying amount Total Assets $380 $230 $146 Liabilities Current Accounts Payable $100 $80 $50 Non-Current Bonds Payable 4% 50 50 0 150 130 50 Equity Common Shares 200 80 80 Retained Earnings 30 20 16 230 100 96 Total Liabilities and Equity $380 $230 $146