Johnston Company reported these ratios at December 31, 2012 (dollar amounts in millions): Johnston Company completed these

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Johnston Company reported these ratios at December 31, 2012 (dollar amounts in millions):

Johnston Company reported these ratios at December 31, 2012 (dol

Johnston Company completed these transactions during 2013:
a. Purchased equipment on account, $5
b. Paid long-term debt, $6
c. Collected cash from customers in advance, $5
d. Accrued interest expense, $2
e. Made cash sales, $6
Determine whether each transaction improved or hurt Johnston€™s current ratio and debtratio.

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Financial accounting

ISBN: 978-0132751124

9th edition

Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom

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