Question
On June 30, Year 3, Finch Companys total current assets were $503,500 and its total current liabilities were $272,500. On July 1, Year 3, Finch
On June 30, Year 3, Finch Companys total current assets were $503,500 and its total current liabilities were $272,500. On July 1, Year 3, Finch issued a short-term note to a bank for $41,600 cash.
a. Compute Finchs working capital before and after issuing the note. b. Compute Finchs current ratio before and after issuing the note. (Round your answers to 2 decimal places.)
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Financial Accounting Theory And Analysis Text And Cases
Authors: Richard G. Schroeder, Myrtle W. Clark, Jack M. Cathey
14th Edition
1119881226, 978-1119881223
