Norsk Optronics, ALS, of Bergen, Norway, had a current ratio of 2 on June 30 of the current year. On that date, the comp

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Norsk Optronics Als Of Bergen Norway Had A Current Ratio Of 2 On June 30 Of The Current Year On That Date The Comp 1 (30.91 KiB) Viewed 43 times

Norsk Optronics, ALS, of Bergen, Norway, had a current ratio of 2 on June 30 of the current year. On that date, the company's assets were: Cash Accounts receivable, net Inventory $ 61,000 420,000 740,000 9,000 1,800,000 Prepaid expenses Plant and equipment, net Total assets $ 3,030,000 Required: 1. What was the company's working capital on June 30? 2. What was the company's acid-test ratio on June 30? (Round your answer to 2 decimal places.) 3. The company paid an account payable of $42,000 immediately after June 30. a. What effect did this transaction have on working capital? b. What effect did this transaction have on the current ratio? (Round your intermediate calculations to 1 decimal place.) 1. Working capital 2. Acid-test ratio. 3a. Effect on working capital 3b. Effect on current ratio