As of December 31, 2013, Gant Corporation had a current ratio of 1.29, quick ratio of 1.05, and working capital of $18,000. The company uses a perpetual inventory system and sells merchandise for more than it cost. On January 1, 2014, Gant sold inventory on account for $6,000. Which of the following statements is incorrect?
A) Gant's current ratio will increase.
B) Gant's quick ratio will decrease.
C) Gant's working capital will increase.
D) None of these answers is correct.
Correct Answer:
Verified
Q42: You are considering an investment in Facebook
Q43: Which of the following is a potential
Q44: Benson Company declared and paid a cash
Q45: The return on investment measure is also
Q48: As of December 31, 2013, Gant Corporation
Q50: The Crestar Company reported net income of
Q54: As of December 31, 2013, Gant Corporation
Q55: The Abel Company provided the following
Q56: As of December 31, 2013, Gant Corporation
Q58: As of December 31, 2013, Gant Corporation
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents