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On June 30, Year 3, Solomon Company's total current assets were $501,500 and its total current liabilities were $271,000. On July 1, Year 3, Solomon
On June 30, Year 3, Solomon Company's total current assets were $501,500 and its total current liabilities were $271,000. On July 1, Year 3, Solomon issued a long-term note to a bank for $38,000 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 1 decimal place.) a. Working capital b. Current ratio Before the transaction After the transaction
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