Presented below is information related to Oriole Inc.

ORIOLE INC. BALANCE SHEET DECEMBER 31, 2020
Cash				$44,700		Notes payable (short-term)		$49,600
Receivables		$110,700				Accounts payable		32,200
Less: Allowance		14,900		95,800		Accrued liabilities		5,000
Inventory				168,600		Common stock (par $5)		260,900
Prepaid insurance				8,000		Retained earnings		138,200
Land				19,800
Equipment (net)				149,000
				$485,900				$485,900

ORIOLE INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020
Sales revenue					$1,391,400
Cost of goods sold
Inventory, Jan. 1, 2020		$199,400
Purchases		784,400
Cost of goods available for sale		983,800
Inventory, Dec. 31, 2020		(168,600	)
Cost of goods sold					815,200
Gross profit on sales					576,200
Operating expenses					170,900
Net income					$405,300

Compute the following ratios or relationships of Oriole Inc. Assume that the ending account balances are representative unless the information provided indicates differently. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%.)

(1)		Current ratio			times
(2)		Inventory turnover			times
(3)		Accounts receivable turnover			times
(4)		Earnings per share		$
(5)		Profit margin on sales			%
(6)		Return on assets on December 31, 2020			%

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Indicate for each of the following transactions whether the transaction would improve, weaken, or have no effect on the current ratio of Oriole Inc. at December 31, 2020.

(1)		Write off an uncollectible account receivable, $2,200.		No effectImproveWeaken
(2)		Purchase additional capital stock for cash.		No effectImproveWeaken
(3)		Pay $40,000 on notes payable (short-term).		No effectImproveWeaken
(4)		Collect $23,000 on accounts receivable.		No effectImproveWeaken
(5)		Buy equipment on account.		No effectImproveWeaken
(6)		Give an existing creditor a short-term note in settlement of account.		No effectImproveWeaken