Just Dew It Corporation reports the following balance sheet information for 2017 and 2018.

Calculate the total debt ratio and long-term debt ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

I know the formula is :

Long term debt ratio = Long term debt / Total assets

= 40,000/400,000=0.1

Could you please let me know what I am doing wrong. Thank you.

Assets 2017 2018 Current assets Cash Accounts receivable Inventory JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 13,200 Accounts payable $ 46,000 38.640 Notes payable 27,800 87,120 $ 10.200 30.200 74.600 $ 62.160 33.120 Total $ 115,000 $ 138,960 Total $ 73,800 $ 95,280 Long-term debt $ 40,000 $36.000 Owners' equity Common stock and paid-in surplus Retained earnings $ 60,000 226,200 $ 60,000 288,720 Net plant and equipment $285,000 $ 341.040 Total $286,200 $ 348,720 Total assets $400.000 $ 480,000 Total liabilities and owners' equity $400.000 $ 480,000 f. Total debt ratio 0.28 times 0.27 times Long-term debt ratio 0.10 X times 0.08 times