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Gil Corporation has current assets of $90,000 and current liabilities of $180,000.
Problem 1: What is Gil's initial current ratio?
Problem 2: What is the effect on Gil's current ratio if a refinancing on a $30,000 long-term mortgage with a short-term note occurs?
Problem 3: What is the effect on Gil's current ratio if a purchase of $50,000 of merchandise inventory with short-term accounts payable occurs?
Problem 4: What is the effect on Gil's current ratio if a payment of $20,000 of short-term accounts payable occurs?
Problem 5: What is the effect on Gil's current ratio if a collection of $10,000 of short-term accounts receivable occurs?
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