On December 31, Alberta supplies prepared an income statement and balance sheet before processing four adjusting entries. The income statement showed net income of $40,000. The balance sheet showed total current assets $30,000, fixed assets 100,000; total liabilities $60,000; and owners capital $30,000.

Adjusting entries

1.depreciation of equipment $10000

2.salaries of $20000 for the last two days in December that are owed to the employees

3.prepaid rent of $7500 has expired

4.rendered service for $3500 and has not billed customer yet Question

Please calculate the following ratios: 1. Working Capital 2. Current Ratio