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Assume current assets totaled $56,000 and the current ratio was 1.2 before the following independent transactions: (1) Purchased merchandise for $13,000 on short-term credit.
Assume current assets totaled $56,000 and the current ratio was 1.2 before the following independent transactions: (1) Purchased merchandise for $13,000 on short-term credit. (2) Purchased a delivery truck for $21,000. Paid $3,000 cash and signed a two-year interest-bearing note for the balance. Required: Compute the current ratio after each independent transaction. (Round your answers to 2 decimal places.) Transaction Current Ratio (1) (2)
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