The following information is taken from the balance sheet of Menendez Company on January 1Year 1:

The following information is taken from the balance sheet of Menendez Company on January 1, Year 1 3 Current Assets Equipment Land Total Assets $20,000 Current Liabilities 40,000 Long-term Liabilities 32,000 Common Stock $92,000 Total Liab. & Equity $ 9,000 30,000 53,000 $92,000 01:17:02 On January 2, Year 1, the company earned revenue on account of $24,100. How will this transaction affect the current ratio? Multiple Choice It will decrease the current ratio to 1.1. Multiple Choice O It will decrease the current ratio to 11 16:47 It will increase the current ratio to 49.1 O It increase the current ratio to 221 It will have no effect on the current ratio