Use the Falcon Sporting Goods data in Short Exercise S3-12 to compute Falcon's (a) current ratio and (b) debt ratio after each of the following transactions (all amounts in thousands, as in the Falcon financial statements):

1. Falcon earned revenue of $10,000 on account
2. Falcon paid off accounts payable of $10,000. (Challenge)
Round ratios to 2 decimal places.

Cost of goods sold..$126,000 900 Retained earnings, March 31,20X31 Accounts receivable.... 27,700 Property and equipment Total current liabilities.. All other expenses 1,300 Cash. 174,500 net. 45,000 Inventories 7,200 26,000 33,000 .. 4,800 Long-term liabilities .