Extra-Lab-3% Question 2 of 3 < > View Policies -/1 Current Attempt in Progress The chief financial officer (CFO) of Pina Colada Corporation requested that the accounting department prepare a preliminary statement of financial position 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 statement of financial position is as follows. PINA COLADA CORP. Statement of Financial Position December 30, 2022 Assets Liabilities and Shareholders' Equity Current assets Current liabilities Cash $30,400 Accounts payable $25,800 Accounts receivable 30,400 Salaries payable 15.500 $41,300 Prepaid insurance 5,280 $66,080 Non-current liabilities Property, plant, and equipment 193.920 Bank loan payable 77,500 (net) Total assets $260,000 Total liabilities 118,800 Shareholders' equity Common shares 100,700 Retained earnings 40.500 141.200 Total liabilities and shareholders' equity $260,000 Calculate the current ratio and working capital based on the preliminary statement of financial position at December 30, 2022. (Round current ratio to 1 decimal place, eg. 2.1.) Current ratio Working capital $ eTextbook and Media :1 Based on the results in (a), the CFO requested that $24,908 of cash be used to pay some of the balance of the accounts payable account on December 31, 2022. Calculate the new current ratio and working capital after the company takes these actions. (Round current ratio to 1 decimal place, e.g. 2.1.) Current ratio Working capital $ eTextbook and Media Save for Later :1 Attempts: 0 of 3 used Submit Answer