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Plum Corporation began the month of May with $ 7 0 0 , 0 0 0 of current assets, a current ratio of 2 .
Plum Corporation began the month of May with $ of current assets, a current ratio of : and an acidtest ratio of : During the month, it completed the following transactions the company uses a perpetual inventory system
May Purchased $ of merchandise inventory on credit.
May Sold merchandise inventory that cost $ for $ cash.
May Collected $ cash on an account receivable.
May Paid $ cash to settle an account payable.
May Wrote off a $ bad debt against the Allowance for Doubtful Accounts account.
May Declared a $ per share cash dividend on its shares of outstanding common stock.
May Paid the dividend declared on May
May Borrowed $ cash by giving the bank a day, note.
May Borrowed $ cash by signing a longterm secured note.
May Used the $ cash proceeds from the notes to buy new machinery.
Required:
Complete the table below showing Plum's current ratio, acidtest ratio, and working capital after each transaction.
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