Grouper Company provides you with the following balance sheet information as of December 31, 2017.

In addition, Grouper reported net income for 2017 of $16,000, income tax expense of $3,200, and interest expense of $1,300.
(a) Compute the current ratio and working capital for Grouper for 2017.
(b) Assume that at the end of 2017, Grouper used $3,000 cash to pay off $3,000 of accounts payable. How would the current ratio and working capital have changed?
(c) Compute the debt to assets ratio and the times interest earned ratio for Grouper for 2017.

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11,500 Crrent liabilities 26,500 Long-term liabilities $12,000 14,000 12,000 $38,000 Current assets Long-term assets Stockholders' equity Total liabilities and stockholders' equity