Wyne Incorporated had the following transactions involving current assets and current liabilities during February 2014.

Feb. 3 Collected accounts receivable of $15,000.

7 Purchased equipment for $23,000 cash.

11 Paid $3,000 for a 1-year insurance policy.

14 Paid accounts payable of $12,000.

18 Declared cash dividends, $4,000.

Additional information:

As of February 1, 2014, current assets were $120,000 and current liabilities were

$40,000.

Instructions Compute the current ratio as of the beginning of the month and after each transaction.

AppendixLO1