Essay
On December 31, 2011, Omaha Company's total current assets were $360,000 and its total current liabilities were $200,000. On January 1, 2012, Omaha issued a long-term note to a bank for $10,000 cash.
Required:
(a) Compute Omaha's working capital before and after issuing the note payable.
(b) Compute Omaha's current ratio before and after issuing the note payable.
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(a) Working capital before issuing note ...View Answer
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