The chief financial officer (CFO) of Oriole Corporation requested that the accounting department prepare a preliminary statement of financial position on December 20, 2018. He knows that certain debt agreements with its lenders require the company to maintain a current ratio of at least 2:1 and wants to know how the company is doing. The preliminary statement of financial position follows: $20.000 20.000 $40,000 Assets Current assets Cash Accounts receivable Prepaid insurance Total current assets Equipment Total assets $20.000 32.000 5.000 57.000 220,000 $277.000 ORIOLE CORPORATION Statement of Financial Position December 20, 2018 Liabilities Current liabilities Accounts payable Salaries payable Non-current liabilities Bank loan payable Total liabilities Shareholders' equity Common shares Retained earnings Total liabilities and shareholders' equity 60,000 100,000 $90,000 87.000 177,000 $277.000 Calculate the current ratio based on the data in the preliminary statement of financial position, (Round current ratio to 1 decimal place, eg, 5.2) Current ratio eTextbook and Media The chief financial officer (CFO) of Oriole Corporation requested that the accounting department prepare a preliminary statement of financial position on December 20, 2018. He knows that certain debt agreements with its lenders require the company to maintain a current ratio of at least 2:1 and wants to know how the company is doing. The preliminary statement of financial position follows: $20.000 20.000 $40,000 Assets Current assets Cash Accounts receivable Prepaid insurance Total current assets Equipment Total assets $20.000 32.000 5.000 57.000 220,000 $277.000 ORIOLE CORPORATION Statement of Financial Position December 20, 2018 Liabilities Current liabilities Accounts payable Salaries payable Non-current liabilities Bank loan payable Total liabilities Shareholders' equity Common shares Retained earnings Total liabilities and shareholders' equity 60,000 100,000 $90,000 87.000 177,000 $277.000 Calculate the current ratio based on the data in the preliminary statement of financial position, (Round current ratio to 1 decimal place, eg, 5.2) Current ratio eTextbook and Media Calculate the current ratio based on the data in the preliminary statement of financial position. (Round current ratio to 1 decimal place, eg, 5.2) Current ratio 1 eTextbook and Media Based on the results in fal, the CFO requested that $20.000 of the cash be used to pay off the balance of the accounts payable account on December 21. Calculate the current ratio after this payment is made, assuming there are no further changes to current assets and current liabilities. (Round current ratio to 1 decimal place, eg 5.2) Current ratio :1 e Textbook and Media Save for Late Attempts: 0 of 3 used Submit Anwar