Problem 17-3A Analysis of working capital CHECK FIGURE: March 31 working capital = $342,250 Halifax Fisheries Inc. began the month of March with $760,000 of current assets, a current ratio of 2.5 to 1, and a quick ratio of 1.1 to 1. During the month, it completed the following transactions: Mar 6 Bought $86,000 of merchandise on account. (The company uses a perpetual inventory system.) 11 Sold merchandise that cost $70,000 for $118,000. 15 Collected a $30,000 account receivable. 17 Paid a $32,000 account payable. 19 Wrote off a $14,000 bad debt against Allowance for Doubtful Accounts. Declared a $1.75 per share cash dividend on the 41,000 outstanding common shares. 28 Pald the dividend declared on March 24. Borrowed $90,000 by giving the bank a 30-day, 19% note. Borrowed $110,000 by signing a long-term secured note. 31 Used the $200,000 proceeds of the notes to buy additional machinery 24 29 30 Required Prepare a schedule showing Halifax Fisheries Inc.'s current ratio, quick ratio, and working capital after each of the transactions. Round calculations to two decimal places