Hi I need help with confirming and clarifying my answers. The formula to be used is mentioned in my answers but not sure if I got the answers right 100% especially for ratio number 2.

I need to do the calculations correctly and answer the following questions:

THE QUESTION IS Analyse the sources of finance for each of the two companies in 2023 as compared to 2022. Use two capital structure ratios to support your answer and provide an explanation regarding the changes in the composition of the sources of finance for each enterprise. Note: ensure that you analyse in this question, not just describe the ratio values.

YOUR HELP IS MUCH APPRECIATED! The answers I got is as follows:

Capital Structure Ratios 1: Debt Ratio = Total liabilities

Total assets

Companies	2022	2023
Excelsior Capital Ltd	$17,857.00 / $79,008.00 = 22.6%	$14,227,00 / $83,725,00 = 16.9%
Baby Bunting Group Limited	$95.01 million / $350.67 million = 27.1%	$92.38 million / $343.89 million = 26.8%

Capital Structure Ratios 2: Interest coverage ratio = Operating profit or EBIT

Interest expense

Companies	2022	2023
Excelsior Capital Ltd	$11,456.00 / $16,000 = 71.6%	$14,067.00 / $16,000 = 87.92%
Baby Bunting Group Limited	$39.96 million / $6.99 million = 5.72%	$28.71 million / $8.73 million = 3.28%

This is the data needed to answer the capital ratio 1: