Grouper Company provides you with the following balance sheet information as of December 31, 2019.

In addition, Grouper reported net income for 2019 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 2019.
(b) Assume that at the end of 2019, 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 2019.

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Current assets $11,500 Current liabilities $12,000 14,000 12,000 Long-term assets 26500 Long-term liabilities Total assets $38,000 Stockholders' equity Total liabilities and stockholders equity $38,000