Question
On June 30, 2018, Gibson Companys total current assets were $501,000 and its total current liabilities were $272,000. On July 1, 2018, Gibson issued a
On June 30, 2018, Gibson Companys total current assets were $501,000 and its total current liabilities were $272,000. On July 1, 2018, Gibson issued a long-term note to a bank for $40,000 cash.
Required
A. Compute Gibsons working capital before and after issuing the note.
B. Compute Gibsons current ratio before and after issuing the note. (Round your answers to 1 decimal place.)
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Cost Accounting With Integrated Data Analytics
Authors: Karen Congo Farmer, Amy Fredin
1st Edition
1119731860, 9781119731863
