Andrew Smith prepared the following balance sheet at December 31, 2022. He is planning to apply for a loan at the First County Bank in the hope of buying a new new delivery truck. Cash Accounts receivable Supplies Prepaid insurance Equipment Less: Accumulated depreciation Smith Delivery Service Balance Sheet December 31, 2022 $800 Accounts payable 400 Salaries and wages payable 100 Note payable 900 Total liabilities Common stock 17.000 Retained earnings Total stockholders' equity $19.200 Total liabilities and stockholders' equity $600 200 12,100 12,900 5.200 1,100 6,300 $19,200 $23,000 (6,000) Total assets The note is due in monthly installments of $450. (a) Compute the company's current ratio. (Round answers to 2 decimal places, eg. 5.75.) Current Ratio :1 e Textbook and Media Save for Later Attempts: 0 of 3 used Submit