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Question 3 Falcon Corporation has current assets of $400,000 and current liabilities of $275,000. Compute the effect of each of the following transactions on Falcon's

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Question 3 Falcon Corporation has current assets of $400,000 and current liabilities of $275,000. Compute the effect of each of the following transactions on Falcon's current ratio: (a) Refinanced a $60,000 long-term mortgage with a short-term debt. (b) Collecting $90,000 of short-term accounts receivable

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