Peyton Company reported these ratios at December 31, 2021 (dollar amounts in millions): Peyton Company completed these
Question:
Peyton Company reported these ratios at December 31, 2021 (dollar amounts in millions):
Peyton Company completed these transactions during 2022:
a. Purchased equipment on account, $5
b. Paid long-term debt, $5
c. Collected cash from customers in advance, $4
d. Accrued interest expense, $3
e. Made cash sales, $7 Determine whether each transaction improved or hurt the company’s current ratio and debt ratio.
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a The purchase of equipment on account hurts both ratios b The ...View the full answer
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