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Halifax Fisheries Inc. began the month of March with $761,000 of current assets, a current ratio of 2.5 to 1 , and a quick ratio
Halifax Fisheries Inc. began the month of March with $761,000 of current assets, a current ratio of 2.5 to 1 , and a quick ratio of 1.1 to 1 . During the month, it completed the following transactions: Mar. 6 Bought $86,100 of merchandise on account. (The company uses a perpetual inventory system.) 11 Sold merchandise that cost 70,200 for $118,500. 15 collected a 30,100 account receivable. 17 Paid a $32,100 account payable. 19 Wrote off a $14,100 bad debt against Allowance for Doubtful Accounts. 24 Declared a $1.80 per share cash dividend on the 41,100 outstanding common shares. 28 Paid the dividend declared on March 24 . 29 Borrowed $90,500 by giving the bank a 30 -day, 10% note. 30 Borrowed $111,800 by signing a long-term secured note. 31 Used the $201,500 proceeds of the notes to buy additional machinery. Prepare a schedule showing Halifax Fisheries Inc's current ratio, quick ratio, and working capital after each of the transactions. (Round ratios to 2 decimal places and other final answers to nearest whole dollar.)
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