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Compute vernon current ratio before and after issuing note

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Question - On June 30, Year 3, Vernon Company's total current assets were $500,000 and its total current liabilities were $276,000. On, July 1, Year 3, Vernon issued a short-term note to a bank for $40,800 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.

Reference no: EM133055081

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