Question: In its most recent annual report, Appalachian Beverages reported current assets of $54,000 and a current ratio of 1.80. Assume that the following transactions were

In its most recent annual report, Appalachian Beverages reported current assets of $54,000 and a current ratio of 1.80. Assume that the following transactions were completed:

(1) Purchased merchandise for $6,000 on account, and

(2) Purchased a delivery truck for $10,000, paying $1,000 cash and signing a two-year promissory note for the balance.

Required:

Compute the updated current ratio, rounded to two decimal places, after each transaction.

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