Exercise 13-8 (Static) Analyzing effect of transactions on current ratio LO P3

On January 1, 5G Co. reported current assets of $72,000 and current liabilities of $60,000. Compute total current assets, total current liabilities, and the current ratio at January 1 and after each of the following transactions. (Round current ratio to two decimal places. Amounts to be deducted should be indicated with a minus sign.)

Jan.		5		Purchased equipment to be used in operations for $18,000 cash.
Jan.		12		Paid $5,000 cash for accounts payable.
Jan.		18		Acquired a building in exchange for a $99,000 long-term note payable, first payment to occur in 3 years.
Jan.		22		Purchased $12,000 of merchandise on credit, terms n/45.
Jan.		31		Sold outdated machinery for $12,700 cash.