The chief financial officer (CFO) of Sheridan Corporation 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 Corp. Balance Sheet December 30, 2022 Current assets Current liabilities Cash Accounts payable Accounts receivable Salaries and wages payable $33,360 Prepaid insurance Long-term liabilities Equipment (net) Notes payable 81,800 Total assets Total liabilities 115,160 Stockholders' equity Common stock Retained earnings 151,200 Total liabilities and stockholders' equity $266,360 (a) Calculate the current ratio and working capital based on the preliminary balance sheet. (Round current ratio to 2 decimal places, e.g. 0.50: 1.) Current ratio Working capital $27,800 31,800 6,800 $66,400 199,960 $266,360 $21,560 11,800 100,000 51,200