148. On December 31, 2014, Avon Company's total current assets were $350,000 and its total current liabilities were $185,000. On January 1, 2015, Avon paid $20,000 on accounts payable. 149. On...

148. On December 31, 2014, Avon Company's total current assets were $350,000 and its total current liabilities were $185,000. On January 1, 2015, Avon paid $20,000 on accounts payable.

149. On December 31, 2014, Ortiz Company's total current assets were $350,000 and its total current liabilities were $200,000. On January 1, 2015, Ortiz issued a long-term note to a bank for $15,000 cash.