The Jones Swimming Club has the following balance sheet: (Show all work).
Assets
Current assets $100,000.00
Non-current assets$1,900,000.00
Total assets $2,000,000.00
Liabilities and Owners’
Equity Current liabilities $80,000.00
Long-term debt $920,000.00
Total liabilities $1,000,000.00
Owners equity $1,000,000.00
Total liabilities and owners’ equity $2,000,000.00
a. What is the current ratio for the Jones Swimming Club?
b. What is the debt/equity ratio for the club?
