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Good Sports, Inc., is a private full-line sporting goods retailer. Assume one of the Good Sports stores reported current assets of $87,325 and its current ratio was 1.75, and then completed the following transactions:
(1) paid $6,500 on accounts payable, (2) purchased a delivery truck for $12,500 cash, (3) wrote off a bad account receivable for $1,500, and (4) paid previously declared dividends in the amount of $22,500. Required:
Problem 1: Compute the updated current ratio after each transaction, by showing the cumulative effects of the transactions.
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