Exercise 2-11 a-b (Part Level Submission) The chief financial officer (CFO) of Once 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. Oriele Company Balance Sheet December 30, 2022 Current assets $26.800 43,260 500 75,560 201,500 $278,060 $ 23,200 11.600 34,800 Accounts receivable Prepaid insurance Equipment (net) Total assets Current abilities Accounts payable Salaries and wages payable Long-term liabilities Notes payable Total abilities Stockholders' equity Common stock Retained earnings Total abilities and stockholders' equity 91,760 100,000 51,500 151,500 $278.060 BACK (a) Your answer is incorrect. Try again. Calculate the current ratio and working capital based on the preliminary balance sheet. (Round current ratio to 1 decimal place, e.g. 0.7: 1.) Current ratio Working capital $ 30000 Click If you would like to show Work for this question: Open Show Work LINK TO TEXT Attempts: 1 of 15 used SAVE FOR LATER (b) The parts of this question must be completed in order. This part will be available when you complete the part above