Current assets totaled $100,000 and the current ratio was 1.5. Assume that the following transactions were completed:
1. paid $6,000 for merchandise purchase on short-term credit
2. purchased a delivery truck for $11,000 cash
3. wrote off a bad account receivable for $3,000 and
4. Paid previously declared dividends in the amount of $28,000
Required: Compute the cumulative current ratio after each transaction