The chief financial officer (CFO) of Pharoah 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. $27,000 41,380 6,200 $ 74,580 201,300 $275,880 Pharoah Company Balance Sheet December 30, 2022 Current assets Cash Accounts receivable Prepaid insurance Equipment (net) Total assets Current liabilities Accounts payable Salaries and wages payable Long-term liabilities Notes payable Total liabilities Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity $ 22,600 11,300 $33.900 90,680 124.580 100,000 51,300 151,300 $275,880 (a) Your answer is incorrect. (a) 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 :1 Working capital