Assets Current assets: Total current assets Long-term investments: Property, plant, and equipment: Furniture, net Total assets Liabilities Current liabilities: Total current liabilities College Spirit sells sportswear with logos of major universities. At the end of the year, the following balance sheet account balances were avallable. kequirea: 1. Prepare a classified balance sheet for College Spirit at December 31 . 2. Compute College Spirit's working capital and current ratio at December 31 . Round the current ratio answer to two decimal places. 3. Conceptual Connection: Comment on College Spirit's liquidity as of December 31. The working capital and current ratios show that College Spirit adequate current assets to cover all of the current liabilities that will become due in the near future