Ivanhoe Incorporated had the following transactions involving current assets and current liabilities during February 2027. Feb. 3 Collected accounts receivable of $17,600. 7 Purchased equipment for $28,200 cash. 11 Paid $4,700 for a 1-year insurance policy. 14 Paid accounts payable of $11,400. 18 Declared cash dividends of $8,200. Additional information: As of February 1, 2027, current assets were $131,445 and current liabilities were $34,500. Compute the current ratio as of the beginning of the month and after each transaction. (Round answers to 2 decimal places, e.g. 1.83.) Current ratio as of February 1, 2027 :1 Feb. 3 Feb. 7 Feb. 11 :1 :1 :1
Ivanhoe Incorporated had the following transactions involving current assets and current liabilities during February 2027. Feb. 3 Collected accounts receivable of $17,600. 7 Purchased equipment for $28,200 cash. 11 Paid $4,700 for a 1-year insurance policy. 14 Paid accounts payable of $11,400. 18 Declared cash dividends of $8,200. Additional information: As of February 1, 2027, current assets were $131,445 and current liabilities were $34,500. Compute the current ratio as of the beginning of the month and after each transaction. (Round answers to 2 decimal places, e.g. 1.83.) Current ratio as of February 1, 2027 :1 Feb. 3 Feb. 7 Feb. 11 :1 :1 :1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Ivanhoe Incorporated had the following transactions involving current assets and current liabilities during February 2027.
Feb. 3
Collected accounts receivable of $17,600.
7
Purchased equipment for $28,200 cash.
11
Paid $4,700 for a 1-year insurance policy.
14
Paid accounts payable of $11,400.
18
Declared cash dividends of $8,200.
Additional information:
As of February 1, 2027, current assets were $131,445 and current liabilities were $34,500.
Compute the current ratio as of the beginning of the month and after each transaction. (Round answers to 2 decimal places, e.g. 1.83.)
Current ratio as of February 1, 2027
:1
Feb. 3
Feb. 7
Feb. 11
:1
:1
:1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe26a6759-0949-47c0-9eb0-12cdb241e613%2Fb3bd3340-1fc0-47cf-a0cd-0753ae15ed92%2Foilf75_processed.png&w=3840&q=75)
Transcribed Image Text:Ivanhoe Incorporated had the following transactions involving current assets and current liabilities during February 2027.
Feb. 3
Collected accounts receivable of $17,600.
7
Purchased equipment for $28,200 cash.
11
Paid $4,700 for a 1-year insurance policy.
14
Paid accounts payable of $11,400.
18
Declared cash dividends of $8,200.
Additional information:
As of February 1, 2027, current assets were $131,445 and current liabilities were $34,500.
Compute the current ratio as of the beginning of the month and after each transaction. (Round answers to 2 decimal places, e.g. 1.83.)
Current ratio as of February 1, 2027
:1
Feb. 3
Feb. 7
Feb. 11
:1
:1
:1
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