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Unformatted text preview: statement accounts are unaffected by these transactions. ___ 97.87 % What was the firms current ratio in Year 3 immediately after this transaction on January 1, Year 3? ___ 121.8 __ % What is the firms asset turnover for Year 3 assuming Year 3 Sales are the same as in Year 2? Also assume that the firms assets at the end of Year 3 are same as at the end of Year 2 except for the impacts of the transaction occurring on January 1, Year 3. Requirement: Instead of the facts in the transaction occurring on January 1, Year 3, assume the firm borrowed $8,000 by creating a long-term liability and received cash in that amount. This transaction occurred on January 1, Year 3. Determine the proper values for the ratios below immediately after this January 1, Year 3 transaction occurred. __ 141 % What was the firms current ratio ? $_16,000 _ How much working capital does this firm have immediately after the transaction on January 1, Year 3 as described....
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- Fall '06