Current ratio and working capital The balance sheet of Red Missile Company contained the following items, among others Cash Accounts Receivable Inventory Store Equipment (net) Other Assets Mortgage Payable (due in 3 years) Note Payable (due in 10 days) Accounts Payable Capital Stock Retained Earnings (a) From the above information compute (1) Current assets: $ (2) Current liabilities: S (3) The current ratio (4) Working capital: $ $180,000 $84,000 $124,000 $236,000 $67,500 $169,000 $163,000 $96,000 $67,500 $197,000 to 1 (b) Assume that Red Missile Company pays the note payable of $163,000, thus reducing cash to $17,000 Compute the following after the completion of this transaction (1) The current ratio (2) Working capital: S to 1