Indicate the effects of the transactions listed in the following table on total current assets, current ratios, and net income. Use (+) to indicate an increases, (-) to indicate decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0. (Note: A good accounting background is necessary to answer some of these questions; if yours is not strong, answer just the questions you can.)

	Total Current Assets	Current Ratio	Effect on Net Income
Cash is acquired through issuance of additional common stock	____	____	____
Merchandise is sold for cash	____	____	____
Federal income tax due for the previous year is paid	____	____	____
A fixed asset is sold for less than book value	____	____	____
A fixed asset is sold for more than book value	____	____	____
Merchandise is sold on credit	____	____	____
Payment is made to trade creditors for previous purchases	____	____	____
A cash dividend is declared and paid	____	____	____
Cash is obtained through short- term bank loans	____	____	____
Short- term notes receivable are sold at a discount	____	____	____
Marketable securities are sold below cost	____	____	____
Advances are made to employees	____	____	____
Current operating expenses are paid	____	____	____
Short- term promissory notes are issued to trade creditors in exchange for past due accounts payable	____	____	____
10- year notes are issued to pay off accounts payable	____	____	____
A fully depreciated asset is retired	____	____	____
Accounts receivable are collected	____	____	____
Equipment is purchased with short- term notes	____	____	____
Merchandise is purchased on credit	____	____	____
The estimated taxes payable are increased	____	____	____