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On June 30, Year 3, Solomon Company's total current assets were $502,000 and its total current liabilities were $279,000. On July 1 , Year 3
On June 30, Year 3, Solomon Company's total current assets were $502,000 and its total current liabilities were $279,000. On July 1 , Year 3 , Solomon issued a long-term note to a bank for $38,200 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. Note: Round your answers to 1 decimal place
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