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A company has current assets that total $500,000, has a current ratio of 2.00, and...

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Accounting

A company has current assets that total $500,000, has a current ratio of 2.00, and uses the perpetual inventory method. Assume that the following transactions are then completed: (1) sold $12,000 in merchandise on short-term credit for $15,000,(2) declared but did not pay dividends of $50,000,(3) paid prepaid rent in the amount of $12,000,(4) paid
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previously declared dividends in the amount of $50,000,(5) collected an account receivable in the amount of $12,000, and points (6) reclassified $40,000 of long-term 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 2 decimal places.)
\table[[,\table[[Current],[Ratio]]],[Transaction 1,],[Transaction 2,],[Transaction 3,],[Transaction 4,],[Transaction 5,],[Transaction 6,]]
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