Essay
On December 31,Year 1,Allen Company's total current assets were $600,000 and its total current liabilities were $380,000.On January 1,Year 2,Allen paid $20,000 on accounts payable.
Required:
(a)Compute Allen's working capital before and after paying the account payable.
(b)Compute Allen's current ratio before and after paying the account payable.(Round your answer to two decimal places.)
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