Long-term liabilities Total liabilities 1,100,000 $2,285,000 Owner's contribution Retained earnings Total Owner's Equity Total liabilities and owner's equity $500,000 565,000 $1,065,000 $3,350,000 Calculate the current ratio, the quick ratio, and debt-to-equity ratio. Provide an interpretation on the strength of this firm's liquidity and solvency, based on rules of thumb. TT T Arial 3 (12pt) T E - 25 4) Explain how the following expense items can be both fixed and variable costs, such that they are "semi-fixed." a. Office Supplies/Expense b. Gas and Oil