Question
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
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 recorded cost of goods sold of $4,100. As a result of this transaction, Gant's quick ratio will:
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Fundamentals Of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby
1st Edition
0072992573, 9780072992571
