A company had $250,000 of current assets and $90,000 of current liabilities before borrowing $60,000 from the bank with a 3-month note payable. What effect did the borrowing transaction have on the amount of the company’s current ratio?
|Click Here to View All Chapter 4 Problems at Once||View|
|1||Closing Journal Accounts||Easy|
Effect on the Current Ratio
You are here.
|5||Solving for Missing Amounts||Moderate|
|7||Year End Closing & Account Classification||Hard|