Question: Problem: Module 4 Textbook Problem 3 Learning Objective: 4-2 Calculate ratios for assessing a company's liquidity On June 30, Year 3, Fanning Company's total current

Problem: Module 4 Textbook Problem 3 Learning Objective: 4-2 Calculate ratios for assessing a company's liquidity On June 30, Year 3, Fanning Company's total current assets were $499,500 and its total current liabilities were $280,000. On July 1, Year 3 . Fanning issued a short-term note to a bank for $38,600 cash. Required a. Compute Fanning's working capital before and after issuing the note. b. Compute Fanning's current ratio before and after issuing the note. (Round your answers to 2 decimal places.)

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