Module 4 Textbook Problem 4 Learning Objective: 4-2 Calculate ratios for assessing a company's liquidity On June 30, Year 3, Thornton Company's total current assets were $501,000 and its total current liabilities were $278,000. On July 1, Year 3, Thornton Issued a long-term note to a bank for $39,000 cash. Required a. Compute Thornton's working capital before and after Issuing the note. b. Compute Thornton's current ratio before and after Issuing the note. (Round your answers to 1 decimal place.) Before the transaction After the transaction a. Working capital b. Current ratio The balance sheet for Perez Corporation follows: Current assets Long-term assets (net) Total assets Current liabilities Long-term liabilities Total liabilities Common stock and retained earnings Total liabilities and stockholders' equity $230,000 758,000 $988,000 $145,000 444,000 589,000 399,000 $988,000 Required Compute the following. (Round "Ratios" to 1 decimal place.) Working capital Current ratio Debt-to-assets ratio Debt-to-equity ratio %