2017 2016 GM Corporation ($ in millions) BALANCE SHEETS ASSETS Cash & marketable securities Accounts receivable Inventories Total current assets Net fixed assets Total assets $40,000 260,000 500,000 800,000 400,000 $1,200,000 $50,000 200,000 450,000 700,000 300,000 $1,000,000 LIABILITIES & EQUITY Accounts payable Bank loan Accruals Total current liabilities Long-term debt Other liabilities Common stock Retained earnings Total liabilities & equity $170,000 90,000 70,000 330,000 400,000 $130,000 90,000 50,000 270,000 300,000 0 350,000 80,000 $1,000,000 0 350,000 120,000 $, 1200,000 INCOME STATEMENTS 2017 $1,500,000 900,000 600,000 2016 $1,300,000 780,000 520,000 Sales Cost of goods sold Gross profit Operating expenses: Selling, general & admin, Marketing Depreciation Interest Earnings before taxes Income taxes Net income 150,000 150,000 53,000 57,000 190,000 76,000 $114,000 150,000 130,000 40,000 45,000 155,000 62,000 $93,000 Which of following is False? The dollar amount of net working capital rose in 2017 but the quick ratio fell, indicating that current liability rose faster than current assets. Accounts receivable rose, in part because of higher 2017 sales and in part because of customers' faster payments. Inventory management apparently improved as inventory turnover rose in 2017. The dollar amount of net working capital rose in 2017 but the current ratio fell, indicating that current liability rose faster than current assets