A company has current assets that total $576,000, a current ratio of 1.80, and uses the perpetual inventory method. Assume that the following transactions are then completed: (1) sold $12,700 in merchandise on short-term credit for $16,400, (2) declared but did not pay dividends of $58,000, (3) paid prepaid rent in the amount of $13,200, (4) paid previously declared dividends in the amount of $58,000, (5) collected an account receivable in the amount of $12,700, and (6) reclassified $47,000 of long-term debt as a current liability.

Required:

Compute the updated current ratio after each transaction. (Round your answers to 2 decimal places.)

Current Ratio

Transactions

1

2

3

4

5

6