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CURRENT RATIO The Stewart Company has $1,246,000 in current assets and $535,780 in current liabilities. Its initial inventory level is $261,660, and it will raise

CURRENT RATIO

The Stewart Company has $1,246,000 in current assets and $535,780 in current liabilities. Its initial inventory level is $261,660, and it will raise funds as additional notes payable and use them to increase inventory. How much can its short-term debt (notes payable) increase without pushing its current ratio below 2.0? Round your answer to the nearest cent.

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