Current Ratio and Working Capital

question 16

Essay

Current ratio and working capital
The balance sheet of Red Missile Company contained the following items,among others: (a)From the above information compute:
(1)Current assets: $_______
(2)Current liabilities: $______
(3)The current ratio: ______ to 1
(4)Working capital: $______
(b)Assume that Red Missile Company pays the note payable of $163,000,thus reducing cash to $17,000.Compute the following after the completion of this transaction:
(1)The current ratio: ______ to 1
(2)Working capital: $______

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