Question
Wichita Company wrote off $100,000 of obsolete inventory at December 31, year 2. The effect of this write-off was to decrease: a.Both the current and
Wichita Company wrote off $100,000 of obsolete inventory at December 31, year 2. The effect of this write-off was to decrease:
a.Both the current and acid-test ratios.
b.Only the current ratio.
c.Only the acid-test ratio.
d.Neither the current nor the acid-test ratios.
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Corporate Financial Accounting
Authors: Carl S Warren, Jeff Jones
16th Edition
0357510380, 978-0357510384
