Calculate debt and equity ratios using the following information-

Accounts payable- $10,000

Accounts Receivable- $15,000

Buildings- $42,000

Cash- $4,000

Current Notes payable- $7,000

Office supplies $3,000

Long term notes payable- $40,000

Prepaid insurance- $2,000

Unearned revenue liability- $1,000

Wages payable- $3,000

Retained earnings- $10,000

Company issued 500 common shares @ $2 and 400 Preference shares @$3 during the year.