A company has the following information before adjusting ent…

A company has the following information before adjusting entries:- Current Assets $80,000 (includes Cash of $12,000 and Accounts Receivable of $4,000); and- Current Liabilities $30,000.As part of adjusting entries, the company increases Salaries Expense by $15,000 and increases Salaries Payable by $15,000. The salaries will be paid January 5 of the following year. What is the company’s Current Ratio at the end of the year, after adjusting and closing entries are recorded? ROUND TO THE NEAREST TWO DECIMAL PLACES.Current Ratio = Current Assets/Current Liabilities

Assume that the Current Ratio is currently 1.2.How many of t…

Assume that the Current Ratio is currently 1.2.How many of the following transactions would DECREASE the Current Ratio?- Purchasing inventory using cash.- Purchasing inventory on account.- Selling inventory for cash.- Selling inventory on account. Current Ratio = Current Assets / Current Liabilities