a. Gil Corp. has current assets of $90,000 and current liabilities of $180,000. Which of the following transactions would improve Gil's current ratio? Refinancing a $30,000 long-term mortgage with a short-term note. b. Purchasing $50,000 of merchandise inventory with a short-term account payable. Paying $20,000 of short-term accounts payable. d. Collecting $10,000 of short-term accounts receivable. C. During 1989, Rand Co. purchased $960,000 of inventory. The cost of goods sold for 1989 was $900,000, and the ending inventory at December 31, 1989, was $180,000. What was the inventory turnover for 1989? 6.4 b. 6.0 5.3 d. 5.0 a. c. The following computations were made from Clay Co.'s 1991 books: 61 Number of days' sales in inventory Number of days' sales in trade accounts receivable 33 a. What was the number of days in Clay's 1991 operating cycle? 33 b. 47 c. 61 d. 94 Which combination of changes in asset turnover and income as a percentage of sales will maximize the return on investment? a. b. Asset turnover Increase Increase Decrease Decrease Income as a percentage of sales Decrease Increase Increase Decrease c. d