The chief financial officer (CFO) of Splish Brothers Inc. requested that the accounting department prepare a preliminary balance sheet on December 30, 2017, 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. Splish Brothers Inc. Balance Sheet December 30, 2017 Current assets Cash $26,500 Accounts receivable 32.000 Prepaid insurance Equipment (net) 6,900 $65,400 201,700 Total assets $267.100 Current liabilities Accounts payable Salaries and wages payable $21.500 12,000 $33,500 Long-term liabilNities Notes payable 81.900 Total liabilities 115,400 Stockholders' equity Common stock 100,000 Retained earnings 51.700 151.700 Total liabilities and stockholders' equity $267.100 (a) Long-term liabilities 81,900 Notes payable Total liabilities 115,400 Stockholders' equity Common stock 100,000 Retained earnings 51,700 151,700 Total liabilities and stockholders' equity $267,100 (a) X Your answer is incorrect. Calculate the current ratio and working capital based on the preliminary balance sh Current ratio 2.3 1 Working capital $ 151700