Question
On June 30, Year 3, Finch Companys total current assets were $498,000 and its total current liabilities were $272,500. On July 1, Year 3, Finch
On June 30, Year 3, Finch Companys total current assets were $498,000 and its total current liabilities were $272,500. On July 1, Year 3, Finch issued a short-term note to a bank for $38,600 cash. Required a. Compute Finchs working capital before and after issuing the note. b. Compute Finchs current ratio before and after issuing the note.
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Intermediate Accounting principles and analysis
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
2nd Edition
471737933, 978-0471737933
