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rk - Microsoft Edge ation.com/hm.tpx Plum Corporation began the month of May with $700,000 of current assets, a current ratio of 2.50:1, and an acid-test ratio of 1.10:1. During the month, it completed the following transactions (the company uses a perpetual inventory system) May 2 Purchased $50,000 of merchandise inventory on credit 8 Sold merchandise inventory that cost $55,000 for $110,000 cash 10 Collected $20,000 cash on an account receivable. 15 Paid $22,000 cash to settle an account payable 17 Wrote off a $5,000 bad debt against the Allowance for Doubtful Accounts account 22 Declared a 51 per share cash dividend on its 50,000 shares of outstanding common stock 26 Paid the dividend declared on May 22 27 Borrowed $100,000 cash by giving the bank a 30-day, 10% note. 28 Borrowed $80,000 cash by signing a long-term secured note 29 Used the $180,000 cash proceeds from the notes to buy new machinery. Required: Prepare a table showing Plum's (1) current ratio, (2) acid-test ratio, and (3) working capital after each transaction. (Do not round intermediate calculations. Round your ratios to 2 decimal places and the working capitals to nearest dollar amount. Subtracted amount should be indicated with a minus sign.) & Answer is not complete. Current CurrentAcid-TestWorking Beginning s 700 308,000 280,000 2.50 1.10 $ 420, 2- 0 50,000 ay 50,000 330,000 308,000 110,000 420.00 750,000 110,000 (55.000) 805 000 Balance 227 0.93 May B 2 44 418,000 20.000 (20.000) 418,000 (22 000 330,000 127 475.000 20 000 (20,000) 805,000 (22,000) May 10 330,000 307 000 Balance May 15