(a) Your answer is correct. Calculate the current ratio and working capital based on the preliminary balance sheet. (Round current ratio to 2 decimal places, e.g. 0.50: 1.) Current ratio 2.0 :1 Working capital $ 33,600 e Textbook and Media Attempts: 1 of 3 used The chief financial officer (CFO) of Blossom 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. Current assets Cash $28,200 31,200 6,800 $21,400 11,200 $32,600 Accounts receivable Prepaid insurance Equipment (net) Total assets $66,200 199,300 $265,500 Blossom Corp. Balance Sheet December 30, 2022 Current liabilities Accounts payable Salaries and wages payable Long-term liabilities Notes payable Total liabilities Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity 81,800 114,400 100,000 51,100 151,100 $265,500 (b) Based on the results above, the CFO requested that $21,400 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 2 decimal places, e.g. 0.50 : 1.) Current ratio :1 Working capital $