24 On June 30, Year 3, Munoz Company's total current assets were $498,000 and its total current liabilities were $279,000. On July 1, Year 3, Munoz issued a short-term note to a bank for $38,000 cash. Required a. Compute Munoz's working capital before and after issuing the note. b. Compute Munoz'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
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- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.On June 30, Year 3, Franklin Company's total current assets were $495,000 and its total current liabilities were $275,000. On July 1, Year 3, Franklin issued a short-term note to a bank for $41,000 cash. Required a. Compute Franklin's working capital before and after issuing the note. b. Compute Franklin's current ratio before and after issuing the note. Note: Round your answers to 2 decimal places. a. Working capital b. Current ratio Before the Transaction After the TransactionOn June 30, Year 3, Benson Company's total current assets were $501,500 and its total current liabilities were $274,500. On July 1, Year 3, Benson issued a short-term note to a bank for $39,200 cash. Required a. Compute Benson's working capital before and after issuing the note. b. Compute Benson's current ratio before and after issuing the note. Note: Round your answers to 2 decimal places. a. Working capital b. Current ratio Before the Transaction After the Transaction
- On June 30, Year 3, Munoz Company's total current assets were $499,500 and its total current liabilities were $272.000. On July 1, Year 3, Munoz issued a long-term note to a bank for $38.200 cash. Required a. Compute Munoz's working capital before and after issuing the note. b. Compute Munoz's current ratio before and after issuing the note. (Round your answers to 1 decimal place.) Belore the transaction After the transaction Working capital Current ratioOn June 30, Year 3, Solomon Company's total current assets were $497,500 and its total current liabilities were $270,000. On July 1. Year 3, Solomon issued a long-term note to a bank for $41,000 cash. Required a. Compute Solomon's working capital before and after issuing the note. b. Compute Solomon's current ratio before and after issuing the note. (Round your answers to 1 decimal place.) Before the transaction After the transaction a. Working capital b. Current ratio MacBook Air 80 88 DII DD F2 F3 F6 F7 F8 F9 F10 F11 @ # $ & 2 3 4 7 8 W E Y 0 P S D G H J K CV N M %3D ROn June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current liabilities were $360,000. On July 1, Year 3, Franza issued a long-term note to a bank for $72,000 cash. Requireda. Compute Franza’s working capital before and after issuing the note.b. Compute Franza’s current ratio before and after issuing the note. (Round your answers to 1 decimal place.)
- On June 30, Year 3, Franklin Company's total current assets were $496,000 and its total current liabilities were $272,500. On July 1, Year 3, Franklin issued a short-term note to a bank for $40,400 cash. Required a. Compute Franklin's working capital before and after issuing the note. b. Compute Franklin's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) After the transaction Before the transaction Working capital а. b. Current ratioOn June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current liabilities were $360,000. On July 1, Year 3, Franza issued a short-term note to a bank for $72,000 cash. Requireda. Compute Franza’s working capital before and after issuing the note.b. Compute Franza’s current ratio before and after issuing the note. (Round your answers to 2 decimal places.)On June 30, Year 3, Rundle Company's total current assets were $501,000 and its total current liabilities were $274,000. On July 1, Year 3, Rundle issued a short-term note to a bank for $39,400 cash. Required a. Compute Rundle's working capital before and after issuing the note. b. Compute Rundle's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) Before the After the transaction transaction a. Working capital b. Current ratio MacBook Air 80 DII DD F2 F3 F4 F5 F6 F7 F8 F9 F10 23 2$ & * 3 4 6. 7 E R Y D F G H J K この * CO
- On June 30, Year 3, Franklin Company's total current assets were $500,500 and its total current liabilities were $275,500. On July 1, Year 3, Franklin issued a short-term note to a bank for $39,400 cash. Required a. Compute Franklin's working capital before and after issuing the note. b. Compute Franklin's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) a. Working capital b. Current ratio Before the transaction After the transactionLeach Company borrowed $95,000 cash by issuing a note payable on June 1, Year 1. The note had an 6 percent annual rate of interest and a one-year term to maturity. Required: a. What amount of interest expense will Leach recognize for the year ending December 31, Year 1? b. Record the issue of notes payable and recognition of interest on December 31, Year 1, in the accounting equation for Year 1. c. What amount of cash will Leach pay for interest expense in Year 1? d. What is the amount of interest payable as of December 31, Year 1? e. What amount of cash will Leach pay for interest expense in Year 2? f. What amount of interest expense will Leach recognize in Year 2? g. What is the amount of interest payable as of December 31, Year 2? -On June 30, 2018, Munoz Company’s total current assets were $503,500 and its total current liabilities were $273,000. On July 1, 2018, Munoz issued a short-term note to a bank for $39,400 cash. Required Compute Munoz’s working capital before and after issuing the note. Compute Munoz’s current ratio before and after issuing the note. (Round your answers to 2 decimal places.)