As of December 31, 2013, Gant Corporation had a current ratio of 1.29, quick ratio of 1.05,

Question:

As of December 31, 2013, Gant 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 collected $5,200 of accounts receivable. As a result of this transaction, Gant's working capital will:
Increase.Decrease.Remain the same.
Cannot be determined.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...