The chief financial officer (CFO) of Sheffield Corp. request

The chief financial officer (CFO) of Sheffield Corp. request.
The chief financial officer (CFO) of Sheffield Corp. 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.Sheffield Corp.Balance SheetDecember 30, 2017Current assets Cash$26,200 Accounts receivable31,700 Prepaid insurance6,100$ 64,000Equipment (net)201,400Total assets$265,400Current liabilities Accounts payable$ 21,200 Salaries and wages payable11,700$ 32,900Long-term liabilities Notes payable81,100 Total liabilities114,000Stockholders equity Common stock100,000 Retained earnings51,400151,400Total liabilities and stockholders equity$265,400Calculate the current ratio and working capital based on the preliminary balance sheet. (Round Current Ratio to 1 decimal place, e.g. 0.7 : 1.)Current ratio:1Working capital$LINK TO TEXTBased on the results in (a), the CFO requested that $21,200 of cash be used to pay off the balance of the accounts payable account on December 31, 2017. Calculate the new current ratio and working capital after the company takes these actions. (Round Current Ratio to 1 decimal place, e.g. 0.7 : 1.)Current ratio:1Working capital$
The chief financial officer (CFO) of Sheffield Corp. request