(b) (b) Based on the results in (a), the CFO requested that $22,000 of cash be used to pay off the balance of the accounts payable account on December 31, 2022. Caltulate the new current ratio and working capital after the company takes these actions. (Round current ratio to 1 decimal place, 63.0.7:1) Current ratio :1 Working capital $ eTextbook and Media Attempts: 0 of 3 used Submit Answer Save for Later The chief financial officer (CFO) of Wildhorse Co. requested that the accounting department prepare a preliminary balance sheet on December 30, 2022, so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows. Wildhorse Co. Balance Sheet December 30, 2022 Current assets Cash $26,200 Accounts receivable 30,500 Prepaid insurance 6,000 $62,700 Equipment (net) 201,400 Total assets $264,100 Current liabilities Accounts payable $ 22,000 Salaries and wages payable 11,000 $33,000