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The chief financial officer (CFO) of Sandhill Co. requested that the accounting department prepare a...

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Accounting

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The chief financial officer (CFO) of Sandhill 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. Calculate the current ratio and working capital based on the preliminary balance sheet. (Round current ratio to 1 decimal place, es. 0.7:1. Current ratio :1 Working capital

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