Transactions on vince current ratio

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Reference no: EM13790764

Vince Corporation has current assets of $300,000 and current liabilities of $175,000.

Compute the effect of each of the following transactions on Vince's current ratio:

Refinanced a $50,000 long-term mortgage with a short-term note.
Purchasing $80,000 of merchandise inventory with short-term accounts payable.
Paying $30,000 of short-term accounts payable.

Collecting $40,000 of short-term accounts receivable

Reference no: EM13790764

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