Question
On June 30, Year 3, Fanning Companys total current assets were $497,000 and its total current liabilities were $274,000. On July 1, Year 3, Fanning
On June 30, Year 3, Fanning Companys total current assets were $497,000 and its total current liabilities were $274,000. On July 1, Year 3, Fanning issued a short-term note to a bank for $40,600 cash.
Required
a. Compute Fannings working capital before and after issuing the note. b. Compute Fannings current ratio before and after issuing the note. (Round your answers to 2 decimal places.)
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Trust Me Im Almost An Auditor
Authors: Lily Hazelwood
1st Edition
1791960405, 978-1791960407
