These financial statement items are for Sheridan Company at year-end, July 31, 2022. Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2025) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) $ 4,100 59,100 17,300 17,620 4,000 67,700 10,200 3,700 16,000 35,280 11,700 7,400 4,000 4,000 35,900 STE Income Statement For the Year Ended July 31, 2022 Revenues Service Revenue 67700 Rent Revenue 10200 Total Revenues 77900 Expenses Salaries and Wages Expense $ 59100 i Supplies Expense 17300 i Depreciation Expense 4000 i Total Expenses 80400 Net Income /(Loss) $ -2500 Your answer is correct. Prepare a retained earnings statement for the year. Sheridan Company did not issue any new stock during the year. SHERIDAN COMPANY Retained Earnings Statement For the Year Ended July 31, 2022 Retained Earnings, August 1, 2021 A 35900 Less : Net Income / (Loss) $ -2500 i Less Dividends -4000 -6500 i Retained Earnings, July 31, 2022 A 29400 (c) Compute the current ratio and debt to assets ratio. (Round answers to 1 decimal place, e.g. 15.2.) Current ratio :1 Debt to assets ratio %