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On June 30, Year 3, Solomon Companys total current assets were $504,500 and its total current liabilities were $277,000. On July 1, Year 3, Solomon
On June 30, Year 3, Solomon Companys total current assets were $504,500 and its total current liabilities were $277,000. On July 1, Year 3, Solomon issued a short-term note to a bank for $40,800 cash.
| Before the transaction | After the transaction | ||
| a. | Working capital | ||
| b. | Current ratio |
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Advanced Accounting Concepts And Practice
Authors: Arnold J. Pahler
9th Edition
0324233531, 978-0324233537
