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On June 30, 2018, Solomon Company's total current assets were $498,000 and its total current liabilities were $275,500. On July 1, 2018, Solomon issued a
On June 30, 2018, Solomon Company's total current assets were $498,000 and its total current liabilities were $275,500. On July 1, 2018, Solomon issued a short-term note to a bank for $39,800 cash. Required a. Compute Solomon's working capital before and after issuing the note. b. Compute Solomon's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) Before the transaction After the transaction a. Working Capital b. Current Ratio
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