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Halifax Fisheries Inc. began the month of March with $778,000 of current assets, a current ratio of 2.5 to 1, and a quick ratio of 1.1 to 1. During the month, it completed the following transactions:

Mar.		6		Bought $87,800 of merchandise on account. (The company uses a perpetual inventory system.)
		11		Sold merchandise that cost 73,600 for $127,000.
		15		Collected a 31,800 account receivable.
		17		Paid a $33,800 account payable.
		19		Wrote off a $15,800 bad debt against Allowance for Doubtful Accounts.
		24		Declared a $2.65 per share cash dividend on the 42,800 outstanding common shares.
		28		Paid the dividend declared on March 24.
		29		Borrowed $99,000 by giving the bank a 30-day, 18% note.
		30		Borrowed $128,000 by signing a long-term secured note.
		31		Used the $227,000 proceeds of the notes to buy additional machinery.

Check my work 1 Halifax Fisheries Inc. began the month of March with $778,000 of current assets, a current ratio of 2.5 to 1, and a quick ratio of 1.1 to 1. During the month, it completed the following transactions: Mar. 10 points eBook 6 Bought $87,800 of merchandise on account. (The company uses a perpetual inventory system.) 11 Sold merchandise that cost 73,600 for $127,000. 15 Collected a 31,800 account receivable. 17 Paid a $33,800 account payable. 19 Wrote off a $15,800 bad debt against Allowance for Doubtful Accounts. 24 Declared a $2.65 per share cash dividend on the 42,800 outstanding common shares. 28 Paid the dividend declared on March 24. 29 Borrowed $99,000 by giving the bank a 30-day, 18% note. 30 Borrowed $128,000 by signing a long-term secured note. 31 Used the $227,000 proceeds of the notes to buy additional machinery. Print References Required: Prepare a schedule showing Halifax Fisheries Inc.'s current ratio, quick ratio, and working capital after each of the transactions. (Round ratios to 2 decimal places and other final answers to nearest whole dollar.) Transaction Current Assets Quick Assets Current Liabilities Current Ratio Quick Ratio Working Capital 1 1 Beginning Mar. Bal. Mar. 11 1 Check my work 1 Required: Prepare a schedule showing Halifax Fisheries Inc.'s current ratio, quick ratio, and working capital after each of the transactions. (Round ratios to 2 decimal places and other final answers to nearest whole dollar.) 10 points Transaction Current Assets Quick Assets Current Liabilities Current Ratio Quick Ratio Working Capital 1 1 eBook Beginning Mar. 6 Bal. Print 1 1 References Mar. 11 1 Bal. Mar. 15 1 1 Bal. Mar. 17 1 1 Bal. Mar. 19 Bal. Mar. 24 1 1 Bal. 1 1 Check my work 1 Mar. 11 1 Bal. Mar. 15 10 points 1 1 Bal. Mar. 17 Bal. eBook 1 1 Print References 1 1 :1 Mar. 19 Bal. Mar. 24 Bal. Mar. 28 Bal. Mar. 29 Bal. Mar. 30 1 1 1 1 1 1 Bal. Mar. 31 Bal. 1 1

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