10 Assume current assets totaled $61,000 and the current ratio was 1.2 before the following independent transactions: 1. Purchased merchandise for $6,000 on short-term credit. 2. Purchased a delivery truck for $22,000. Paid $3,000 cash and signed a two-year interest-bearing note for the balance. Required: Compute the current ratio after each independent transaction. Note: Round your answers to 2 decimal places. Transaction (1) (2) Current Ratio

10 Assume current assets totaled $61,000 and the current ratio was 1.2 before the following independent transactions: 1. Purchased merchandise for $6,000 on short-term credit. 2. Purchased a delivery truck for $22,000. Paid $3,000 cash and signed a two-year interest-bearing note for the balance. Required: Compute the current ratio after each independent transaction. Note: Round your answers to 2 decimal places. Transaction (1) (2) Current Ratio

Name: 00Assume current assets totaled $61,000 and the current ratio was 1.2
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Description: 00Assume current assets totaled $61,000 and the current ratio was 1.2 before the following independent transactions:1. Purchased merchandise for $6,000 on short-term credit.2. Purchased a delivery truck for $22,000. Paid $3,000 cash and signed a two

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 10DQ

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