Gil Corporation has current assets of $90,000 and current liabilities of $180,000. Required: Compute the...
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Gil Corporation has current assets of $90,000 and current liabilities of $180,000. Required: Compute the effect of each of the following independent transactions on Gil's current ratio: (Round your answers to 2 decimal places. If a transaction does not affect Gil's current ratio, select "is not affected" from the dropdown list and enter " 0 " or leave the cell blank in the numeric entry field.) 1. Refinancing a $30,000 long-term mortgage with a short-term note. 2. Purchasing $50,000 of merchandise inventory with short-term accounts payable. 3. Paying $20,000 of short-term accounts payable. 4. Collecting $10,000 of short-term accounts receivable
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Gil Corporation has current assets of $90,000 and current liabilities of $180,000. Required: Compute the effect of each of the following independent transactions on Gil's current ratio: (Round your answers to 2 decimal places. If a transaction does not affect Gil's current ratio, select "is not affected" from the dropdown list and enter " 0 " or leave the cell blank in the numeric entry field.) 1. Refinancing a $30,000 long-term mortgage with a short-term note. 2. Purchasing $50,000 of merchandise inventory with short-term accounts payable. 3. Paying $20,000 of short-term accounts payable. 4. Collecting $10,000 of short-term accounts receivable 