A company has current assets that total $361,000, has a current ratio of 1.90, and uses the perpetual inventory method. Assume that the following transactions are then completed: (1) sold $13,600 in merchandise on short-term credit for $18,200, (2) declared but did not pay dividends of $44,000, (3) paid prepaid rent in the amount of $13,200, (4) paid previously declared dividends in the amount of $44,000, (5) collected an account receivable in the amount of $11,400, and (6) reclassified $33,000 of long-term debt as a current liability.

A company has current assets that total $361,000, has a current ratio of 1.90, and uses the perpetual inventory method. Assume that the following transactions are then completed: (1) sold $13,600 in merchandise on short-term credit for $18,200, (2) declared but did not pay dividends of $44,000, (3) paid prepaid rent in the amount of $13,200, (4) paid previously declared dividends in the amount of $44,000, (5) collected an account receivable in the amount of $11,400, and (6) reclassified $33,000 of long-term debt as a current liability Required: Compute the updated current ratio after each transaction, by showing the cumulative effects of the transactions in the following table. (Round your answers to 2 decimal places.) Answer is complete but not entirely correct. Current Ratio 1.92 1.54 XX 1.90 Transaction (1) Transaction (2) Transaction (3) Transaction (4) Transaction (5) Transaction (6) 2.17 X X X 1.90 1.62