Plum Corporation began the month of May with $1,000,000 of current assets, a current ratio of 2.70:1, and an acid-test ratio of 1.70:1. During the month, it completed the following transactions (the company uses a perpetual inventory system).

May	2	Purchased $55,000 of merchandise inventory on credit.
	8	Sold merchandise inventory that cost $50,000 for $160,000 cash.
	10	Collected $26,000 cash on an account receivable.
	15	Paid $30,500 cash to settle an account payable.
	17	Wrote off a $5,000 bad debt against the Allowance for Doubtful Accounts account.
	22	Declared a $1 per share cash dividend on its 56,000 shares of outstanding common stock.
	26	Paid the dividend declared on May 22.
	27	Borrowed $115,000 cash by giving the bank a 30-day, 10% note.
	28	Borrowed $125,000 cash by signing a long-term secured note.
	29	Used the $240,000 cash proceeds from the notes to buy new machinery.

Required:

Prepare a table showing Plum's (1) current ratio, (2) acid-test ratio, and (3) working capital, after each transaction. (Do not round intermediate calculations. Round your ratios to 2 decimal places and the working capitals to nearest dollar amount.Subtracted amount should be indicated with a minus sign.)

Answer is not complete Acid-Test Ratio Transaction Current Assets Quick Assets Current Liabilities Current Ratio Working Capital 1,000,000 629,630 1.70 Beginning 370,370 2.70 629,630 248V 148V 1,055,000 629,630 629,630 425,370 Balance May 8 (50,000) 160,000M 160,000 1,165,000 789,630 Balance (26,000) 26,000 425.370 274 1.92 x 815,630 1,165,000 Balance 739,630 785,130 1,134,500 394,870 Balance 739,630 Balance 1,134,500 780,130 389,870 2902 200x 744,630X Balance 1,134,500 780,130 744,630X 389,870 2.91X 2.00X (56,000) (56,000) (56,000) Balance 1,078,500 724,130 33 870 3.23) 2.1 x 744,630X