CALCULATOR FULL SCREEN PRINTER VERSION 1BACK Exercise 2-10 The chief financial officer (CFO) of Nash's Trading Post, LLC requested that the accounting department prepare a preliminary balance sheet on December 30, 2017, 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. Nash's Trading Post, LLC Balance Sheet December 30, 2017 Current assets Cash $26,000 Accounts receivable 31,000 Prepaid insurance 6,000 $63,000 Equipment (net) 201,000 Total assets $264,000 Current liabilities Accounts payable $21,000 Salaries and wages payable 11,000 $32,000 Long-term liabilities Notes payable 81,000 Total liabilities 113,000 Stockholders' equity Practice Assignment Gradebook ORION Downloadable eTextbook signment CALCULATOR FULL SC ES Stockholders' equity Common stock 100,000 Retained earnings 51,000 151,000 Total liabilities and stockholders' equity $264,000 Your answer is correct. Calculate the current ratio and working capital based on the preliminary balance sheet. (Round Current Ratio to 1 decimal place, e.g. 0.7 2:1 Current ratio Working capital $ 31000 LINK TO TEXT dy XYour answer is incorrect. Try again. 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 Decemb current ratio and working.capital after the company takes these actions. (Round Current Ratio to 1 decimal place, e.q. 0.7:1.) a Your answer is incorect. Try again. 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, 2017. Calculate the new current ratio and working capital after the company takes these actions. (Round Current Ratlo to 1 decimal place, e.g. 0.7 :1.) Current ratio 41 Working capital 42000 Click if you would like to Show Work for this question: 0oen Show Work LTNK TO TEXT