Financial statement data of Harper Engineering include the following items: Requirements 1. Compute Harpers current ratio, debt

Financial statement data of Harper Engineering include the following items:

Requirements
1. Compute Harper’s current ratio, debt ratio, and earnings per share. Round all ratios to two decimal places.
2. Compute the three ratios after evaluating the effect of each transaction that follows. Consider each transaction separately.
a. Borrowed $160,000 on a long-term note payable
b. On January 1, issued 18,000 shares of common stock, receiving cash of $308,000
c. Paid short-term notes payable, $30,000
d. Purchased merchandise of $84,000 on account, debiting Inventory
e. Received cash on account,$24,000

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Cash Short-term investmens Accounts receivable, net Inventories Prepaid expenses. Total assets Short-term notes payable 30,000 Accounts payable $107,000 31,000 163,000 31,000 91,000 32,000 Accrued liabilities 86,000 Long-term notes payable.. 147,000 Other long-term liabilities.. 5,000 Ne income. 673,000 Number of common 48,000 shares outstanding.. 50,000