Given the balance sheet in Table P3.2, calculate the following ratios:

(a) Current ratio

(b) Quick ratio

(c) Debt-equity ratio

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TABLE P3.2 Balance Sheet, Cyclone Construction Co. (31 December 2012) Assets (a) Current assets Cash on hand and on deposit Notes receivable, current - $389,927.04 16,629.39 Accounts receivable, including retainage of $265,686.39 1,222,346.26 Deposits and miscellaneous receivables 15,867.80 Inventory-construction material 26,530.14 Prepaid expenses 8,490.68 Total 1,679,791.31 (b) Notes receivable, non-current 12,777.97 Liabilities (f) Current liabilities Accounts payable Due subcontractors Accrued expenses and taxes Equipment contracts, current Provision for income taxes Total (g) Deferred credits $306,820.29 713,991.66 50,559.69 2,838.60 97,816.66 1,171,826.90 Income billed on jobs in progress at 31 December 19X4 2,728,331.36 Costs incurred to 31 December 19X4 on uncompleted jobs 2,718,738.01 (c) Property 9,593.35 Buildings 5,244.50 Construction equipment 188,289.80 Total current liabilities Equipment contracts, non-current 1,181,420.25 Motor vehicles 37,576.04 (h) Total liabilities 7,477.72 1,188,897.97 Office furniture and equipment 13,596.18 Total 244,706.52 Net worth (d) Less accumulated depreciation Net property 102,722.51 141,984.01 (i) Common stock, 4,610 shares Retained earnings 461,000.00 184,655.32 (0) Total net worth 645,655.32 (e) Total assets 1,834,553.29 (k) Total liabilities and net worth 1,834,553.29