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Succeed's Companies, a home improvement store than reported the figured fres mclick the icon to view the income stent) Click the icon to the balance sheets) Succeed's has 40.000 common shares outstanding during 2024 Read the requirements Requirement 1. Compute the debt rate and the detto equity ratio at May 31, 2024. for Succeed Companies Begin by selecting the formula to calculate Socceed's Companies' debt ratio Then enter the amounts and calculate the destrato for 2026. (Round the both of a peccet, XXS) Total tibi Tots Debt ratio he following summarized.fiaures: Income Statement Succeed's Companies Income Statement Years Ended May 31, 2024 and 2023 2024 2023 Net Sales Revenue $ 46,500 $ 42,900 23,300 29,300 Cost of Goods Sold Interest Expense All Other Expenses 200 140 6,200 8,400 $ 16,800 $ 5,060 Net Income Print Done Balance Sheets Succeed's Companies Balance Sheet May 31, 2024 and 2023 Assets Liabilities 2024 2024 2023 2023 Cash 13,100 11,600 2,500 $ 25,000 7,400 7,200 7,000 Short-term Investments Accounts Receivable Merchandise Inventory Other Current Assets Total Current Assets All Other Assets Total Assets 24.700 1,900 Total Current Liabilities $ 27,000 $ 14,000 Long-term Liabilities 13,800 5,600 Total Liabilities 40.800 5,900 Stockholders' Equity 2,400 Common Stock 12.000 29,800 Retained Earnings 25,300 37,300 57,800 78,100 $ Total Liabilities and Equity 49,100 29,000 78,100 $ 12,000 21,100 33,100 28,000 Total Equity $ 57,800 Print Done > 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