Reference no: EM132671729
Question - The chief financial officer (CFO) of Myeneke 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.
Myeneke Corporation Balance Sheet December 30, 2022
Current assets
Cash $25,000
Accounts receivable 30,000
Prepaid insurance 5,000 $60,000
Equipment (net) 200,000
Total assets $260,000
Current liabilities
Accounts payable $20,000
Salaries and wages payable 10,000 $30,000
Long-term liabilities
Notes payable 80,000
Total liabilities 110,000
Stockholders' equity
Common stock 100,000
Retained earnings 50,000 150,000
Total liabilities and stockholders' equity $260,000
Required - Calculate the current ratio and working capital based on the preliminary balance sheet.
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