at cost $70,000 for $118,000. 15 Collected a $30,000 account receivable. 17 Paid a $32,000 account payable. 19 Wrote off a $14,000 bad debt against Allowance for Doubtful Accounts. 24 Declared a $1.75 per share cash di
Halifax Fisheries Inc. began the month of March with $760,000 of current assets, a
Mar. 6 Bought $86,000 of merchandise on account. (The company uses a perpetual inventory system.)
11 Sold merchandise that cost $70,000 for $118,000.
15 Collected a $30,000
17 Paid a $32,000 account payable.
19 Wrote off a $14,000
24 Declared a $1.75 per share cash dividend on the 41,000 outstanding common shares.
28 Paid the dividend declared on March 24.
29 Borrowed $90,000 by giving the bank a 30-day, 19% note.
30 Borrowed $110,000 by signing a long-term secured note.
31 Used the $200,000 proceeds of the notes to buy additional machinery.
Required:
Prepare a schedule showing Halifax Fisheries Inc.’s current ratio, quick ratio, and
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