Question: On June 30, Year 3, Stuart Companys total current assets were $495,500 and its total current liabilities were $277,500. On July 1, Year 3, Stuart

On June 30, Year 3, Stuart Companys total current assets were $495,500 and its total current liabilities were $277,500. On July 1, Year 3, Stuart issued a short-term note to a bank for $38,000 cash.

Required

a. Compute Stuarts working capital before and after issuing the note.

b. Compute Stuarts current ratio before and after issuing the note. (Round your answers to 2 decimal places.)

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