Indicate the effects of the transactions listed in the following table on total current assets, current ratio, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions, and assume the initial current ratio is greater than 1.0.

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Total Current Assets Current Ratio Effect on Net Income a. Cash is acquired through issuance of additional common stock b. Merchandise is sold for cash c. Federal income tax due for the previous year is paid d. A fixed asset is sold for less than its book value e. A fixed asset is sold for more than its book value. f. Merchandise is sold on credit. g. Payment is made to trade creditors for previous purchases. h. A cash dividend is declared and paid. i. Cash is obtained through short-term bank lo j. Marketable securities are sold below cost. k. Advances are made to employees. I. Current operating expenses are paid ans. m. Short-term promissory notes are issued to trade creditors in exchange for past due accounts payable n. Long-term bonds are issued to pay accounts payable. o. Accounts receivable are collected p. Equipment is purchased with short-term notes q. Merchandise is purchased on credit.