LO$6$ Computing the current ratio and the debt ratio

Current ratio$=2\mathrm{.}02$

S$4-19$ Garwood Racing has these account balances at December $31,2023$:

The table has row entries as follows.

Row $1.$ Accounts payable, $$8,700.$

Row $2.$ Accounts receivable, $2,500.$

Row $3.$ Cash, $6,500.$

Row $4.$ Supplies, $3,000.$

Row $5.$ Equipment, $24,000.$

Row $6.$ Accumulated Amortization, Equipment, $$8,000.$

Row $7.$ Note payable, Long Term, $18,000.$

Row $8.$ Prepaid rent, $4,000.$

Row $9.$ Salaries payable, $4,200.$

Row $10.$ Service revenue, $62,000.$

Compute Garwood Racing$$s current ratio and debt ratio.