Matthew_McCoy_Problem 17-3A

Matthew_McCoy_Problem 17-3A - of outstanding common stock...

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Matthew McCoy Problem 17-3A                                                    PAGE CORPORATION Date Transaction Current ratio Acid-test ratio Beginning of month 2.60 1.50 Purchased 70,000 inv. on credit 2.33 1.24 Sold merchandise inventory that cost $60,000 for $130,000 cash 2.50 1.56 Collected $30,000 cash on an account receivable 2.50 1.56 Paid $31,000 cash to settle an account payable 2.62 1.61 Wrote off a $5,000 bad debt against the Allowance for Doubtful Accounts account 2.61 1.59 Declared a $1/share cash dividend on its 67,000 shares
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Unformatted text preview: of outstanding common stock 2.23 1.37 Paid the dividend declared on May 22. 2.43 1.42 Borrowed $85,000 cash by giving the bank a 30-day, 10% note 2.17 1.34 Borrowed $100,000 cash by signing a long-term secured note 2.38 1.56 Used the $185,000 cash proceeds from the notes to buy new machinery 2.00 1.16 May _ 1 May _ 2 May _ 8 May _ 10 May _ 15 May _ 17 May _ 22 May _ 26 May _ 27 May _ 28 May _ 29 Working capital 544,000 544,000 614,000 614,000 614,000 609,000 542,000 542,000 542,000 642,000 462,000...
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This note was uploaded on 09/24/2011 for the course ACCT 212 taught by Professor Sheik during the Spring '11 term at Mountain State.

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Matthew_McCoy_Problem 17-3A - of outstanding common stock...

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