Question 3 These financial statement items are for Novak Corporation for the year end, July 31, 2018. Salaries payable $5,755 Salaries expense 51,670 Utilities expense 22,710 Equipment 32,690 Accounts payable 4,145 Service revenue 76,850 Rent revenue 7,750 Bank loan payable Common shares, August 1, 2017 16,160 Cash 28,160 Accounts receivable 22,840 Accumulated depreciation-equipment 5,190 Dividends declared 4,440 Depreciation expense 3,920 2,246 Interest expense 100 Interest payable 100 1,500 Income tax expense Retained earnings, August 1, 2017 34,994 Novak issued $14,840 of common shares during the year. Prepare a classified statement of financial position at July 31, 2018. NOVAK CORPORATION Statement of Financial Position July 31, 2018 Assets Current Assets Cash Accounts Receivable 51,00 Total Current Assets Property, plant, and Equipment Equipment Less. Accumulated Depreciati Total Property, Plant, and Equipment 27,50 $78,50 Total Assets Liabilities and Shareholders' Equity Current Liabilities Accounts payable Bank Loan Payable Interest Payable Total Current Liabilities 6,500 Mortgage Payable Total Liabilities Your answer is incorrect. Try again. Calculate the current ratio and debt to total assets ratio. (Round answers to 1 decimal place, e.g. 25.5.) Current ratio Debt to total assets ratio