Question
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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Fundamental financial accounting concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
8th edition
978-0078025365
