Classified Balance Sheet College Spirit sells sportswear with logos of major universities. At the end of the year, the following balance sheet account balances were available: Accounts payable $104,700 Income taxes payable $ 11,400 Accounts receivable 6,700 Inventory 477,400 Accumulated depreciation 23,700 Long-term Investment 106,900 Bonds payable 32,000 Note payable, short-term 50,000 Cash 13,300 Prepaid rent (current) 54,000 Common stock 300,000 Retained earnings, Dec. 31 224,500 Furniture 88,000 Required: 1. Prepare a classified balance sheet for College Spirit at December 31. College Spirit Balance Sheet December 31 Assets Current assets: Assets Current assets Cash Qull Common stock Furniture Prepaid rent ts Retained earnings LO Property, plant, and equipment: Furniture, net Total assets Liabilities Current liabilities: 8 Me How Furniture, net Total assets Labilities Current liabilities: Total current liabilities Long-term liabilities: 0 00 Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Total current liabilities Long-term liabilities: Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 2. Compute College Spirit's working capital and current ratio at December 31. Round the current ratio answer decimal places. Working Capital Current Ratio 3. Conceptual Connection: Comment on College Spirit's liquidity does not have 1 The working capital and current ratios show that College Spirit adequate current assets to cov current liabilities that will become due in the near future. has