On June 30, 2018, Campbell Company’s total current assets were $503,500 and its total current liabilities...
On June 30, 2018, Campbell Company’s total current assets were $503,500 and its total current liabilities were $270,500. On July 1, 2018, Campbell issued a short-term note to a bank for $40,600 cash.
Required
-
Compute Campbell’s working capital before and after issuing the note.
-
Compute Campbell’s current ratio before and after issuing the note. (Round your answers to 2 decimal places.)
| Before the transaction | After the transaction | ||
| a. | Working Capital | ||
| b. | Current Ratio | ||
On June 30, 2018, Solomon Company’s total current assets were $504,000 and its total current liabilities were $275,000. On July 1, 2018, Solomon issued a long-term note to a bank for $38,400 cash.
Required
-
Compute Solomon’s working capital before and after issuing the note.
-
Compute Solomon’s current ratio before and after issuing the note. (Round your answers to 1 decimal place.)
|
||||||||||||
Homework Answers
Calculate following
| Before the transaction | After the transaction | ||
| a | Working capital | 503500-270500 = 233000 | (503500-40600)-(270500-40600) = 233000 |
| b | Current ratio | 503500/270500 = 1.9 | 462900/229900 = 2.0 |
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