As of December 31, Year 1, 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, Year 2, Gant recorded cost of goods sold of $4,100. As a result of this transaction, Gant's quick ratio will:
A. Decrease.
B. Remain the same.
C. Increase.
D. Cannot be determined.
Answer: C
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Lincoln Corp received advance payments from customers during 2016 of $10,000 . At December 31, 2016, $1,000 of the advance payments still had not been earned. After the adjustments are recorded and posted at December 31, 2016, the balances in the Unearned Service Revenue and Service Revenue accounts will be Unearned Service Revenue Service Revenue
a. $ 1,000 $ 9,000 b. $ 1,000 $10,000 c. $11,000 $ 1,000 d. $ 9,000 $10,000
Explain the role of correspondent banking units (CBUs) role in doing business across borders
What will be an ideal response?
Marketers are most likely to recognize an action as unethical when:
a. there is a greater degree of agreement among managerial peers that the action is harmful. b. there is a long time gap between the action and the onset of negative consequences. c. fewer individuals in the organizations are likely to get affected by the action. d. top managers exercise little control over the organizational culture.
On March 1, a business paid $3,600 for a twelve-month liability insurance policy. On April 1, the business entered into a two-year rental contract for equipment at a total cost of $18,000 . Determine the following amounts: (a) insurance expense for the
month of March (b) balance in prepaid insurance as of March 31 (c) equipment rent expense for the month of April (d) balance in prepaid equipment rental as of April 30