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The balance sheet of Mister Ribs Restaurant reports current assets of $69,000 and current liabilities of $34,500. Required: Calculate the current ratio of Mister Ribs

The balance sheet of Mister Ribs Restaurant reports current assets of $69,000 and current liabilities of $34,500. Required: Calculate the current ratio of Mister Ribs Restaurant and determine whether it will increase or decrease as a result of the following transactions. Consider each item, (a) to (d), independent of the others. Paid $5,520 cash for a new oven. Received a $5,520 cash contribution from an investor for the companys common stock. Borrowed $23,460 cash from a bank, issuing a note that must be repaid in three years. Purchased $1,400 of napkins, paper cups, and other disposable supplies on account

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