Requirements 1. Compute the debt ratio and the debt to equity ratio at May 31, 2024, for Succeed's Companies. 2. Is Succeed's ability to pay its liabilities strong or weak? Explain your reasoning. Print Done Succeed's Companies, a home improvement store chain, reported the following summarized figures (Click the icon to view the income statement.) EEE (Click the icon to view the balance sheets.) Succeed's has 100,000 common shares outstanding during 2024. Read the requirements Requirement 1. Compute the debt ratio and the debt to equity ratio at May 31, 2024, for Succeed's Companies Begin by selecting the formula to calculate Succeed's Companies' debt ratio. Then enter the amounts and calculate the debt ratio for 2024. (Round the ratio to one tenth of a percent, XX%) Debt ratio Income Statement Succeed's Companies Income Statement Years Ended May 31, 2024 and 2023 -X f 2024 2023 ente Net Sales Revenue $ 42,400 $ 42,000 Cost of Goods Sold Interest Expense 20,800 29,300 400 320 All Other Expenses 6,200 7,100 $ 15,000 $ 5,280 Net Income Print Done Balance Sheets Succeed's Companies Balance Sheet May 31, 2024 and 2023 Assets Liabilities 2024 2023 2024 2023 Cash 2 200 5 Short-term Investments 29.000 1,700 Total Current Liabilities 10.000 Long term Liabilities 5 27,000 S 12.900 12.900 11,200 Accounts Receivable 7.200 5.500 Total Liabilities 39,900 24.100 Merchandise Inventory 6.800 5.900 Stockholders' Equity 6,000 1.800 Other Current Assets Common Stock 13,000 13.000 Total Current Assels 51.200 24,900 Retained Earnings 28,300 16.800 All Other Assets 30.000 29,000 Total Equity 41,300 29,800 $ 81.200 5 53,900 S 81,200 $ 53,900 Total Assets Total Liabilities and Equity Print Done p me solve this Etext pages Get more help Clear all Check an