Excel's Companies, a home improvement store chain, reported the following summarized figures: (Click the icon to view the income statement.) (Click the icon to view the balance sheets.) Excel's has 30,000 common shares outstanding during 2024. Read the requirements. Requirement 1. Compute the debt ratio and the debt to equity ratio at May 31, 2024, for Excel's Companies. Begin by selecting the formula to calculate Excel's Companies' debt ratio. Then enter the amounts and calculate the debt ratio for 2024. (Round the ratio to one tenth of a percent, XX%.) Total liabilities $ 40,900 Total assets 81,100 50.4 Debt ratio % Begin by selecting the formula to calculate Excel's Companies' debt to equity ratio. Then enter the amounts and calculate the debt to equity ratio for 2024. (Round the ratio to two decimal places, XXX) Income Statement Excel's Companies Income Statement Years Ended May 31, 2024 and 2023 Debt to equity ratio 2024 2023 Net Sales Revenue Cost of Goods Sold 49,200 $ 20,600 38,800 25,500 Interest Expense 700 7,500 460 8,400 All Other Expenses $ 20,400 $ 4,440 Net Income - Requirements 1. Compute the debt ratio and the debt to equity ratio at May 31, 2024, for Excel's Companies. 2. Is Excel's ability to pay its liabilities strong or weak? Explain your reasoning. Print Done