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Compute the updated current ratio after each transaction

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Question - Good Sports, Incorporated, is a private full-line sporting goods retailer. Assume one of the Good Sports stores reported current assets of $85,000 and its current ratio was 1.70, and then completed the following transactions: (1) paid $6,400 on accounts payable, (2) purchased a delivery truck for $12,000 cash, (3) wrote off a bad account receivable for $1,600, and (4) paid previously declared dividends in the amount of $23,000. Compute the updated current ratio after each transaction, by showing the cumulative effects of the transactions.

Reference no: EM133148002

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