View Policies Current Attempt in Progress The chief financial officer (CFO) of Oriole 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. Oriole Corp. Balance Sheet December 30, 2022 Current assets Current liabilities Cash $24.710 Accounts payable $21,560 Accounts receivable 31.700 Salaries and wages payable 11.700 $33.260 Prepaid insurance 6.100 $62.510 Long-term liabilities Equipment (net) 203.250 Notes payable 81.100 Total assets $265.760 Total liabilities 114,360 Stockholders' equity Stockholders' equity Common stock 100,000 Retained earnings 51,400 151,400 Total liabilities and stockholders' equity $265,760 (a) Calculate the current ratio and working capital based on the preliminary balance sheet. (Round current ratio to 2 decimal places, eg. 0.50:1) Current ratio :1 Working capital Attamnten used FULL