The chief financial officer (CFO) of Sheridan 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.

Sheridan Company Balance Sheet December 30, 2022
Current assets
Cash		$26,400
Accounts receivable		36,100
Prepaid insurance		6,800		$ 69,300
Equipment (net)				201,200
Total assets				$270,500
Current liabilities
Accounts payable		$ 22,000
Salaries and wages payable		11,000		$ 33,000
Long-term liabilities
Notes payable				86,300
Total liabilities				119,300
Stockholders equity
Common stock		100,000
Retained earnings		51,200		151,200
Total liabilities and stockholders equity				$270,500

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 ta