Question: Question 2 . 5 ( Total: 2 4 marks ) Hocus Pocus Corporation has the following list of accounts and balances after posting its closing

Question 2.5
(Total: 24 marks)
Hocus Pocus Corporation has the following list of accounts and balances after posting its closing entries:
Required
1. Calculate the current ratio and the debt ratio. Assume the unearned service revenue will be earned within six months. Round to two decimals.
2. Assume on December 31,2023, Hocus Pocus Corporation borrows \(\$ 50,000\) from the First Street Bank and issues a 6\%,6-month note. Recalculate the current ratio and the debt ratio. Round to two decimals.
Question 2 . 5 ( Total: 2 4 marks ) Hocus Pocus

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