Current Liabilities and Ratios $950,000 15,000 Several accounts that appeared on Snow's 2017 balance sheet are as follows: Accounts Payable $67,000 Equipment Marketable Securities 40,000 Taxes Payable Accounts Receivable 63,600 Retained Earnings Notes Payable, 12%, due in 60 days 20,000 Inventory Capital Stock 1,150,000 Allowance for Doubtful Accounts Salaries Payable 10,000 Land 250,000 165,000 20,000 600,000 Cash 65,000 Required: > 1. Prepare the Current Liabilities section of Snow's 2017 balance sheet. Snow Partial Balance Sheet As of December 31, 2017 Current liabilities: Accounts payable Notes payable, 12%, due in 60 days Taxes payable Salaries payable 10,000 67,000 20,000 15,000 Total current liabilities 112,000 67,000 As of December 31, 2017 Current liabilities: Accounts payable Notes payable, 12%, due in 60 days Taxes payable Salaries payable 20,000 15,000 10,000 Total current liabilities 112,000 Feedback Check My Work Prepare the liabilities section of the balance sheet. 2. Compute Snow's working capital. $ 3. Compute Snow's current ratio. Round your answer to one decimal place. : 1 What does this ratio indicate about Snow's condition? It seems that Snow has sufficient current assets to meet its short-term obligations