8. Working capital is defined as: A) Current assets plus plant assets B) Current assets plus current liabilities C) Current assets minus current liabilities D) Current assets divided by current liabilities 9. The December 31, 2016, balance sheet of Melvin Company includes the following information: Inventory Prepaid Expenses Total Current Assets Total Current Liabilities Accounts Payable $500,000 40,000 1,200,000 500,000 360,000 What is Melvin's quick ratio at December 31, 2016? A) 0.93 B) 3.00 C) 2.16 D) 1.32 10. On November 1, Mcgonagall borrowed from Dumbledore, giving him a $12,000, 3 month, interest payable at maturity. Mcgonagall made no entry after November 1. What entry would Mcgonagall make on December 31, the end of the accounting period