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Gwynn Incorporated had the following transactions involving current assets and current liabilities during February 2020. Feb. 3 Collected accounts receivable of $14,100. 7 Purchased equipment
Gwynn Incorporated had the following transactions involving current assets and current liabilities during February 2020.
Feb. 3 | Collected accounts receivable of $14,100. | |
7 | Purchased equipment for $27,200 cash. | |
11 | Paid $2,200 for a 1-year insurance policy. | |
14 | Paid accounts payable of $11,300. | |
18 | Declared cash dividends, $5,200. |
Additional information:
As of February 1, 2020, current assets were $132,340, and current liabilities were $50,900. |
Compute the current ratio as of the beginning of the month and after each transaction. (Round answers to 2 decimal places, e.g. 1.67.)
Current ratio | |||
---|---|---|---|
February 1 | enter the current ratio rounded to 2 decimal places | :1 | |
February 3 | enter the current ratio rounded to 2 decimal places | :1 | |
February 7 | enter the current ratio rounded to 2 decimal places | :1 | |
February 11 | enter the current ratio rounded to 2 decimal places | :1 | |
February 14 | enter the current ratio rounded to 2 decimal places | :1 | |
February 18 | enter the current ratio rounded to 2 decimal places | :1 |
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