Current assets totaled $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 $11,000 cash,
(3) Wrote off a bad account receivable for $3,000, and
(4) Paid previously declared dividends in the amount of $28,000.
Required:
Compute the cumulative current ratio after each transaction.