Financial statement data on TriState Optical Company include the following items:

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1. Compute TriState's current ratio, debt ratio, and earnings per share.
2. Compute each of the three ratios after evaluating the effect of each transaction that follows. Consider each transaction separately.

a. Borrowed \(\$ 76,000\) on a long-term note payable.

b. Sold short-term investments for \(\$ 44,000\) (cost, \(\$ 66,000\) ); assume no tax effect of the loss.

c. Issued 14,000 shares of common stock, receiving cash of \(\$ 168,000\).

d. Received cash on account, \(\$ 6,000\).

e. Paid short-term notes payable, \(\$ 51,000\).

f. Purchased merchandise of \(\$ 48,000\) on account, debiting Inventory.
g. Paid off long-term liabilities, \(\$ 78,000\).
h. Declared, but did not pay, a \(\$ 51,000\) cash dividend on the common stock.
Use the following format for your answer:

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Cash......... Short-term investments. Accounts receivable, net. Inventories. Prepaid expenses. Total assets $ 47,000 21,000 102,000 274,000 15,000 933,000 Short-term notes payable. 72,000 Accounts payable........ 96,000 Accrued liabilities......... 50,000 Long-term notes payable.. 146,000 Other long-term liabilities.. 78,000 Net income 119,000 Number of common shares outstanding. 22,000