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Compute the current ratio after each independent transaction

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Question - Assume current assets totaled $52,000 and the current ratio was 1.2 before the following independent transactions:

(1) Purchased merchandise for $9,000 on short-term credit.

(2) Purchased a delivery truck for $16,000. Paid $8,000 cash and signed a two-year interest-bearing note for the balance.

Required - Compute the current ratio after each independent transaction.

Reference no: EM133117401

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