Can someone please help? I can't figure out Transaction (4) and it is not 1.07 nor is it 1.03.
Good Sports, Inc., is a private full-line sporting goods retailer. Assume one of the Good Sports stores reported current assets of $87,850 and its current ratio was 1.75, and then completed the following transactions: (1) paid $6,100 on accounts payable, (2) purchased a delivery truck for $11,000 cash, (3) wrote off a bad account receivable for $1,800, and (4) paid previously declared dividends in the amount of $23,500. Required: Compute the updated current ratio after each transaction, by showing the cumulative effects of the transactions in the following table. (Round your answers to 2 decimal places.)
Current liabilities = 87850/1.75 = 50200
calculate current ratio
Current ratio | |
Transaction 1 | (81750/44100) = 1.85 |
Transaction 2 | (70750/44100) = 1.60 |
Transaction 3 | 70750/44100 = 1.60 |
Transaction 4 | (47250/20600) = 2.29 |
Can someone please help? I can't figure out Transaction (4) and it is not 1.07 nor...
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