Assume that at the end of 2017 grouper used 3000 cash to, Accounting Basics

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Assume that at the end of 2017 grouper used 3000 cash to

Question: Grouper Company provides you with the following balance sheet information as of December 31, 2017

In addition, Grouper reported net income for 2017 of $16,000, income tax expense of $3,200, and interest expense of $1,300.

(a) Compute the current ratio and working capital for Grouper for 2017.

(b) Assume that at the end of 2017, Grouper used $3,000 cash to pay off $3,000 of accounts payable. How would the current ratio and working capital have changed?

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