Problem 17-3A Analysis of working capital LO4 Halifax Fisheries Inc. began the month of March with $772,000 of current assets, a current ratio of 25 to 1, and a quick ratio of 1.1 to 1. During the month, it completed the following transactions: Mar. 6 Bought $87,200 of merchandise on account. (The company uses a perpetual inventory system.) 11 Sold merchandise that cost 72,499 for $124,880. 15 Collected a 31,200 account receivable. 17 Paid a $33,200 account payable. 19 Wrote off a $15,202 bad debt against Allowance for Doubtful Accounts. 24 Declared a $2.35 per share cash dividend on the 42, 280 outstanding common shares. 28 Paid the dividend declared on March 24. 29 Borrowed $96, eee by giving the bank a 30-day, 12% note. 30 Borrowed $122,eee by signing a long-term secured note. 31 Used the $218,682 proceeds of the notes to buy additional machinery. Required: Prepare a schedule showing Halifax Fisheries Inc.'s current ratio, quick ratio, and working capital after each of the transactions. (Round ratlos to 2 decimal places and other final answers to nearest whole dollar.) Transaction Quick Ratio Quick Assets 339,680 Current Ratio 2.50 : 1 Current Liabilities 308,800 + 87,200 398,000 Working Capital 463,200 Beginning Mar. 6 Bal. 1.10 : 1 Current Assets 772.000 + 87,200 859.200 + 124,000 - 72,400 2.17): 1 0.80: 1 463,200 339,080 + 124,000 Mar. 11 Bal : 1 Mar. 15 1 1 Bal Mar. 17 Bal. : 1 1:1 Mar. 19 Bal. : 1 : 1 :1 1 : 1 Mar. 24 Bal. Mar. 28 Bal. Mar. 29 Bal Mar. 30 Bal 1:1 : 1 :1 Mar. 31 Bal. 1 1