Assume current assets totaled $44,000 and the current ratio was 1.2 before the following independent...
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Assume current assets totaled $44,000 and the current ratio was 1.2 before the following independent transactions: 1. Purchased merchandise for $11,000 on short-term credit. 2. Purchased a delivery truck for $17,000. Paid $5,000 cash and signed a two-year interest-bearing note for the balance. Required: Compute the current ratio after each independent transaction. Note: Round your answers to 2 decimal places
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Assume current assets totaled $44,000 and the current ratio was 1.2 before the following independent transactions: 1. Purchased merchandise for $11,000 on short-term credit. 2. Purchased a delivery truck for $17,000. Paid $5,000 cash and signed a two-year interest-bearing note for the balance. Required: Compute the current ratio after each independent transaction. Note: Round your answers to 2 decimal places 