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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