A company has current assets that total $ has a current ratio of and uses the perpetual inventory method. Assume that the following transactions are then completed: sold $ in merchandise on shortterm credit for $ declared but did not pay dividends of $ paid prepaid rent in the amount of $ paid
previously declared dividends in the amount of $ collected an account receivable in the amount of $ and points reclassified $ of longterm debt as a current liability.
Required:
Compute the updated current ratio after each transaction, by showing the cumulative effects of the transactions in the following table. Round your answers to decimal places.
tabletableCurrentRatioTransaction Transaction Transaction Transaction Transaction Transaction
