Current Liabilities and Ratios Several accounts that appeared on Kruse's 2017 balance sheet are as follows: Accounts Payable $55,000 Marketable Securities 40,000 Equipment Taxes Payable $950,000 15,000 Accounts Receivable 180,000 Retained Earnings 250,000 Notes Payable, 12%, due in 60 20,000 Inventory 85,000 days Capital Stock 1,150,000 Allowance for Doubtful Accounts 20,000 Salaries Payable 10,000 Land 600,000 Cash 15,000 Required: 1. Prepare the Current Liabilities section of Kruse's 2017 balance sheet. Kruse Partial Balance Sheet As of December 31, 2017 Current liabilities: Accounts payable Notes payable, 12%, due in 60 days Taxes payable Salaries payable Total current liabilities Feedback Check My Work Prepare the liabilities section of the balance sheet. 2. Compute Kruse's working capital. 3. Compute Kruse's current ratio. What does this ratio indicate about Kruse's condition? It seems that Kruse has sufficient current assets to meet its short-term obligations.