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Sheridan Company Balance Sheet December 30, 2022 Current assets \begin{tabular}{lrr} Cash & $26,400 & \\ Accounts receivable & 36,100 & \\ Prepaid insurance & 6,800 & $69,300 \\ Equipment (net) & & 201,200 \\ \hline Total assets & $270,500 \\ \hline Current liabilities & & \end{tabular} Accounts payable Salaries and wages payable Long-term liabilities 11,000$33,000 Notes payable Total liabilities Stockholders' equity 119,30086,300 Common stock Calculate the current ratio and working capital based on the preliminary balance sheet. (Round current ratio to 1 decimal ploce, es 0.7:1. J Current ratio Working capital \$ eTextbook and Media Solution Attempts: 3 of 3 used b) (b) Based on the results in (a), the CFO requested that $22,000 of cash be used to pay off 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, eg. 0.7:1.) Current ratio 1 Working capital