Current assets totaled $60,000 and the current ratio was 1.2. Assume that the following transactions...
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Current assets totaled $60,000 and the current ratio was 1.2. Assume that the following transactions were completed: (1) purchased merchandise for $12,000 on short-term credit and (2) purchased a delivery truck for $17,000, paid $7,000 cash, and signed a two-year interest-bearing note for the balance. Required: Compute the cumulative current ratio after each transaction. (Round your final answers to 2 decimal places.)
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