Halifax Fisheries Inc. began the month of March with $771,000 of current assets, a current ratio of 2.5 to 1, and a quick ratio of 11 to 1. During the month, it completed the following transactions: Mar. 6 Bought $87,100 of merchandise on account. (The company uses a perpetual inventory system.) 11 Sold merchandise that cost 72,200 for $123,500. 15 Collected a 31,100 account receivable. 17 Paid a $33,100 account payable. 19 Wrote off a $15,100 bad debt against Allowance for Doubtful Accounts. 24 Declared a $2.30 per share cash dividend on the 42,100 outstanding common shares. 28 Paid the dividend declared on March 24. 29 Borrowed $95,500 by giving the bank a 30-day, 20% note. 30 Borrowed $121,000 by signing a long-term secured note. 31 Used the $216,500 proceeds of the notes to buy additional machinery. Required: 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.) Transaction Current Assets Quick Assets Current Liabilities Current Ratio Quick Ratio Working Capital Beginning 1 1 Mar 6. Bal 1 1 Required: 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.) Transaction Current Assets Quick Assets Current Liabilities Current Ratio Quick Ratio Working Capital Beginning 1 Mar 6 Book Ball 1 1 Mar 11 eferences Bal Mar. 15 1 Bal Mar 17 Ball Mar 19 Bal Mar 241 Bal Mar 20 Bal Mar 29 Bal 1 1 1 1 9 10 1 Mar 11 eflock Pont Ba Mar 15 Bal Mar 17 1 1 1 Mar 19 ences Bal 1 1 Mar 24 Ba Mar 28 Bal Mar 29 Bal Mar 30 Ba Mar 31 Bal 1 1 Next >