Have I answered this question correctly? If not what is the correct answer and why.

Calculate the equity ratio based on the following information: cash = $14,870; accounts receivable = $22,108; prepaid $3,010; supplies = $927; equipment = $62,150; accumulated depreciation = 13,750; accounts payable = 28,000. Round to two decimal places.

The Answer is: 68.65% or 0.68

The formula for Equity Ratio is:

Equity Ratio = Total Equity

Total Assits

Cash$14,870 Accounts Receivable $22,108

Supplies$ 927

Prepaid$ 3,010

Equipment$62,150

Accum Deprecation ($13,750)

Total Assets$89,315

Accounts Payable $28,000

Total Liabilities$28,000

Assets - Liabilities = Equity

$89,315 - $28,000 = $61,315

Equity Ratio = Total Equity$61,315

Total Assets $89,315 = 0.6865028 x 100 - 68.65028 % rounded to 68.65%