Response to the following problem:
On December 31, 20-, the following selected accounts and amounts appeared on the balance sheet for Duncan Company. Determine the amount of the working capital and the current ratio. (Round to two decimal places.)
Building $180,000
Prepaid Insurance 1,800
Merchandise Inventory 85,000
Store Equipment 11,000
Unearned Fees 1,200
Notes Payable (due in six months) 6,000
Accumulated Depreciation, Building 62,000
Accounts Payable 25,000
Land 50,000
Cash 50,000
Store Supplies 1,400
Accumulated Depreciation, Store Equipment 8,000
Notes Receivable (due in four months) 1,500
Mortgage Payable (current portion) 4,400
Salaries Payable 1,600
M. Duncan, Capital 161,500
Mortgage Payable (due in four years) 86,000