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Question. What is the difference between working capital and the current ratio? What information does each give and why is this information important? Smokey Company

Question. What is the difference between working capital and the current ratio? What information does each give and why is this information important? Smokey Company purchases a one-year insurance policy on July 1 for $14,220. The adjusting entry on December 31 is Oa. debit Insurance Expense, $14,220 and credit Prepaid Insurance, $14,220 Ob. debit Prepaid Insurance, $13,035 and credit Cash $13,035 Oc. debit Insurance Expense, $7,110 and credit Prepaid Insurance, $7,110 Od. debit Insurance Expense $1,185 and credit Prepaid Insurance, $14,220

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