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On January 1, 5 G Company reported current assets of $72,000 and current liabilities of $60,000. Compute total current assets, total current liabilities, and the
On January 1, 5 G Company reported current assets of $72,000 and current liabilities of $60,000. Compute total current assets, total current liabilities, and the current ratio at January 1 and after each of the following transactions. (Round current ratio to two decimal places. Amounts to be deducted should be indicated with a minus sign.) January 5 Purchased equipsent to be used in operations for $18,000 cash. Jandary 12 raid $5,000 cash for accounts payable. January 18 Acquired a building in exchange for a $99,000 long-term note payable, first payeent to occur in 3 years. January 22 Purchased $12,000 of merchandise on credit, torms n/45. January 31 Sold outdated machinery for $12,700 cash
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