Current Liabilities and Ratios Several accounts that appeared on Snow's 2017 balance sheet are as follows: Accounts Payable $83,000 Equipment $950,000 Marketable Securities 40,000 Taxes Payable 15,000 Accounts Receivable 70,000 Retained Earnings 250,000 Notes Payable, 12%, due in 60 days 20,000 Inventory 165,000 Capital Stock 1,150,000 Allowance for Doubtful Accounts 20,000 Salaries Payable 10,000 Land 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 83,000 Notes payable, 12%, due in 60 days 20,000 Taxes payable 15,000 Salaries payable 10,000 Total current liabilities 128,000 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. 2.50 : 1 What does this ratio indicate about Snow's condition? It seems that Snow has sufficient current assets to meet its short-term obligations