SportChek is Canada's largest retailer of sporting goods and sports apparel and footwear, with over 130 stores across Canada. Assume one of the SportChek stores reported current assets of $88,000 and its current ratio was 1.75. Assume that the following transactions were completed: a. Paid $6,000 on accounts payable.
b. Purchased a delivery truck for $10,000 cash.
c. Wrote off a bad account receivable for $2,000.
d. Paid previously declared dividends in the amount of $25,000.
Required
Compute the updated current ratio, rounded to two decimal places, after each transaction?