Question

Current assets for GK Company totalled $ 100,000, and the current ratio was 1.5. Assume that the following transactions were completed:
(1) Paid $ 6,000 for merchandise purchased on short- term credit,
(2) Purchased a delivery truck for $ 20,000 cash,
(3) Wrote off a bad trade receivable for $ 1,000,
(4) Paid previously declared dividends in the amount of $ 20,000.
Required:
Compute the current ratio after each transaction.


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  • CreatedAugust 04, 2015
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