Bb Wee C X G myu 30 (1 1 20 18# 30 (48 30 (66 ACG M Com Bb Errol Q Man Q ACC iF HE G form * Hom Con @ 'Chil & its + C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/a... Ch 13 HW - ACG3073 Saved Help Save & Exit Submit Check my work 24 Plum Corporation began the month of May with $1,300,000 of current assets, a current ratio of 2.00:1, and an acid-test ratio of 1.40:1. During the month, it completed the following transactions (the company uses a perpetual inventory system). 10 May 2 Purchased $75,000 of merchandise inventory on credit. points 8 Sold merchandise inventory that cost $45,000 for $125, 000 cash. 10 Collected $26,000 cash on an account receivable. 15 Paid $25,000 cash to settle an account payable. 17 Wrote off a $5,000 bad debt against the Allowance for Doubtful Accounts account. eBook 22 Declared a $1 per share cash dividend on its 58,000 shares of outstanding common stock. 26 Paid the dividend declared on May 22. Print 27 Borrowed $110,000 cash by giving the bank a 30-day, 108 note. 28 Borrowed $130,000 cash by signing a long-term secured note. References 29 Used the $240,000 cash proceeds from the notes to buy new machinery. Required: Complete the table below showing Plum's (1) current ratio, (2) acid-test ratio, and (3) working capital after each transaction. (Do not round intermediate calculations. Round your ratios to 2 decimal places and the working capitals to nearest dollar amount. Subtracted amount should be indicated with a minus sign.) Transaction Current Assets Quick Assets Current Liabilities Current Ratio Acid-Test Ratio Working Capital Beginning $ 1,300,000 $ 910,000 $ 650,000 2.00 1.40 $ 650,000 May 2 Balance May 8 Balance Mc Graw Bb Wee C X G myu 30 (1 1 20 18# 30 (48 30 (66 ACG M Com Bb Errol Q Man Q ACC iF HE G form * Hom Con @ 'Chil & its + C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/a.. Ch 13 HW - ACG3073 Saved Help Save & Exit Submit Check my work 24 Balance May 8 10 Balance points May 10 eBook Balance Print May 15 References Balance May 17 Balance May 22 Balance May 26 Balance May 27 Balance May 28 Mc Graw Bb Wee C X G myu 30 (1 1 20 18# 30 (48 30 (66 ACG M Com Bb Errol Q Man Q ACC iF H G form * Hom Con @ 'Chil & its + C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/a... Ch 13 HW - ACG3073 Saved Help Save & Exit Submit Check my work 24 May 17 Balance 10 May 22 points Balance eBook May 26 Print References Balance May 27 Balance May 28 Balance May 29 Balance Mc Graw
