Business, 11.02.2020 02:59 ravenhudsonmail46

Keener Incorporated had the following transactions occur involving current assets and current liabilities during February 2017.

Feb. 3 Accounts receivable of $14,000 are collected.
7 Equipment is purchased for $27,800 cash.
11 Paid $2,300 for a 3-year insurance policy.
14 Accounts payable of $12,500 are paid.
18 Cash dividends of $5,700 are declared.

Additional information:

1. As of February 1, 2017, current assets were $130,200, and current liabilities were $49,300.
2. As of February 1, 2017, current assets included $15,900 of inventory and $1,000 of prepaid expenses.
(a) Compute the current ratio as of the beginning of the month and after each transaction.
(b)
Compute the acid-test ratio as of the beginning of the month and after each transaction

Round answers to 1 decimal place, e. g. 1.6.)

Current ratio

Acid-test ratio

February 1 Keener Incorporated had the following transactions :1 Keener Incorporated had the following transactions :1
February 3 Keener Incorporated had the following transactions :1 Keener Incorporated had the following transactions :1
February 7 Keener Incorporated had the following transactions :1 Keener Incorporated had the following transactions :1
February 11 Keener Incorporated had the following transactions :1 Keener Incorporated had the following transactions :1
February 14 Keener Incorporated had the following transactions :1 Keener Incorporated had the following transactions :1
February 18 Keener Incorporated had the following transactions :1 Keener Incorporated had the following transactions :1

Answers: 1

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