At its prior year-end, VPN Co. reported current assets of $64,500 and current...
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At its prior year-end, VPN Co. reported current assets of $64,500 and current liabilities of $56,800. 1. Acquired inventory for $380 cash. 2. Sold a long-term asset (equipment) for $4,900 cash. 3. Accrued wages payable of $2,400. Determine how each of the above transactions would increase, decrease, or have no effect on total current assets, total current liabilities, and the current ratio. Transaction Current Assets Current Liabilities Current Ratio 1. 2. 3
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