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

Problem: Module 4 Textbook Problem 4 Learning Objective: 4-2 Calculate ratios for assessing a company's liquidity On June 30 , Year 3 , Vernon Company's total current assets were $499,500 and its total current liabilities were $274,500. On July 1, Year 3 , Vernon issued a long-term note to a bank for $38,000 cash. Required a. Compute Vernon's working capital before and after issuing the note. b. Compute Vernon's current ratio before and after issuing the note. (Round your answers to 1 decimal place.)

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