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The chief financial officer (CFO) of Carla Vista Co.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, Carla Vista Co. Balance Sheet December 30, 2022 Current assets Cash 26,000 Accounts receivable 39,800 Prepaid insurance 6,800 $ 72,600 Equipment (net) 201,300 Total assets 273.900 Current liabilities Accounts payable 21,000 12.000 Salaries and wages payable 33,000 Long-term liabilities 89,600 Notes payable 122,600 Total liabilities Stockholders' equity 100.000 Common stock 51.300 151,300 Retained earnings Total liabilities and stockholders' equity 273.900 Calculate the current ratio and working capital based on the preliminary balance sheet. (Round current ratio to 1 decimal place, e.g. 0.7:1.) Current ratio 2.2 :1 Working capital 39600 e Textbook and Media Solution Attempts: 3 of 3 used (b ) (b) Based on the results in (a), the CFO requested that $ 21,000 of cash be used to pay off the balance of the accounts payable account on December 31, 2022. Calculate the new current ratio and working capital after the company takes these actions. (Round current ratio to 1 decimal place, e.g. 0.7: 1.) :1 Current ratio Working capital e Textbook and Media

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