3. Net working capital, working capital balances, and the current ratio Study the following balance sheet to help you prepare for your upcoming interview for an entry-level analyst position at Praxis Corporation Praxis Corporation Balance Sheet Cash 5656,250 $1,575,000 Accounts payable Accruals Accounts receivable $2,296,875 $3,609,375 $984,375 $1,370,125 Inventory Notes payable Total current assets 56,562,500 Total current liabilities Long-term debt Total debt Common equity Retained earnings Total equity $3,937,500 $6,562,500 $10,500,000 $2,100,000 54,900,000 $7,000,000 $17,500,000 Net plant and equipment $10,937,500 Total assets $17,500,000 Total liabilities and equity During your interview for an introductory-level analyst position at Praxis Corporation, the interviewer asks you to complete the following table using the information provided in the preceding balance sheet. Net Working Capital Current Ratio Assume that Praxis Corporation decides to acquire an additional $875,000 in Inventories and pay using its accounts payable. Given the condition of the company noted in the balance sheet, this activity should be expected to cause Praxis's current ratio to