Skie Incorporated had the following transactions involving current assets and current liabilities during February 2012 Feb 3 Collected accounts receivable of $15,000 7 Purchased equipment for $23,000 cash 11 Paid $3,000 for a 3 year insurance policy 14 Paid accounts payable of $12,000 18 Declared c...

Current ratio as of February 1 2012 3001 120000 ...

Skie Incorporated had the following transactions involving current assets and current liabilities during February 2012. Feb. 3

Question:

Skie Incorporated had the following transactions involving current assets and current liabilities during February 2012.
Feb. 3 Collected of $15,000.
7 Purchased equipment for $23,000 cash.
11 Paid $3,000 for a 3-year insurance policy.
14 Paid of $12,000.
18 Declared cash dividends, $4,000.
Additional information:
As of February 1, 2012, current assets were $120,000 and current liabilities were $40,000.
Instructions
Compute the current ratio as of the beginning of the month and after each transaction.

Accounts Payable
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