Current Attempt in Progress The chief financial officer (CFO) of Cullumber Company 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. Cullumber Company Balance Sheet December 30, 2022 Current assets Cash $26,600 Accounts receivable 41,800 Prepaid insurance 6,400 $74,800 Equipment (net) 201,300 Total assets $276,100 Current liabilities Accounts payable $22,000 Salaries and wages payable 12,000 $34,000 Long-term liabilities Notes payable 90,800 Total liabilities 124,800 Stockholders' equity Common stock 100,000 Retained earnings 51,300 151,300 Total liabilities and stockholders' equity $276,100