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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 $14,000. 7 Purchased equipment
Gwynn Incorporated had the following transactions involving current assets and current liabilities during February 2020. Feb. 3 Collected accounts receivable of $14,000. 7 Purchased equipment for $27,100 cash. 11 Paid $3,300 for a 1-year insurance policy. 14 Paid accounts payable of $11,000. 18 Declared cash dividends, $5,600. Additional information: As of February 1, 2020, current assets were $133,920, and current liabilities were $49,600. 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 February 3 February 7 February 11 February 14 February 18
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