(Learning Objective 6: Using the current ratio and the debit ratio) Use the Falcon Sporting Goods…

(Learning Objective 6: Using the current ratio and the debit ratio) Use the Falcon Sporting Goods data in Short Exercise S3-12 to compute Falcon’s (a) current ratio and (b) debt ratio after each of the following transactions (all amounts in thousands, as in the Falcon financial statements):

1. Falcon earned revenue of $10,000 on account

2. Falcon paid off accounts payable of $10,000. (Challenge) Round ratios to 2 decimal places.

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