Use the balance sheets of Glover shown below to calculate the following ratios for 2017 (round to the hundredths):
(a) Current ratio.
(b) Acid-test ratio.
(c) Debt ratio.
(d) Equity ratio. 
Definitions:
Useful Life
The estimated duration of time an asset is expected to remain functional and economically feasible for its intended use.
Straight-Line Depreciation
A strategy for spreading out the expenditure of a physical asset over the duration of its useful life in uniform annual payments.
Residual Value
The estimated value that an asset will realize upon its sale at the end of its useful life, important in calculating depreciation.
Sales Tax
A sales tax is a government-imposed levy on the sale of goods and services, which is usually a percentage of the retail price.
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