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The Nelson Company has $1,610,000 in current assets and $700,000 in current liabilities. Its initial inventory level is $490,000, and it will raise funds as
The Nelson Company has $1,610,000 in current assets and $700,000 in current liabilities. Its initial inventory level is $490,000, and it will raise funds as additional notes payable and use them to increase inventory.
How much can Nelson's short-term debt (notes payable) increase without pushing its current ratio below 2.0? Round your answer to the nearest cent.
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