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Hammer Corporation wrote off $185,000 of obsolete inventory at December 31, 2011. Required: What effect did this write-off have on the company's 2011 current and

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Hammer Corporation wrote off $185,000 of obsolete inventory at December 31, 2011. Required: What effect did this write-off have on the company's 2011 current and quick ratios? Assume that Hammer Company did not write off their inventory. How will this affect the company's financial position? ANS

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