To what extent was Sheridan Equipment able to show a more favourable statement of financial position at December $31$ by holding its cash book open? $($Hint:

Calculate working capital and relevant liquidity ratios.$)$ Assume that the statement of financial position that the company prepared showed the following

amounts before any required adjustments: $($Round ratios to $2$ decimal places, e$.$g$.1\mathrm{.}25.)$

Current assets

Cash

$$39,800$

$

Accounts receivable

$58,280$