Working Capital and Current Ratio

The balance sheet of Kries, Inc. includes the following items:

Cash	$23,000		Accounts payable	$ 52,200
Accounts receivable	13,000		Salaries payable	1,200
Inventory	45,000		Capital stock	100,000
Prepaid insurance	800		Retained earnings	5,700
Land	80,000

Required:

1. Determine the current ratio and working capital. If required, round current ratio to two decimal places.