As of December 31, Year 1, Gant Corporation Had a Current

question 128

Multiple Choice

As of December 31, Year 1, Gant Corporation had a current ratio of 1.29, quick ratio of 1.05, and working capital of $29,000. The company uses a perpetual inventory system and sells merchandise for more than it cost. On January 1, Year 2, Gant purchased merchandise on account for $4,000. Which of the following statements is true?

• A)Gant's current ratio will decrease.
• B)Gant's quick ratio will increase.
• C)Gant's working capital will increase.
• D)Gant's quick ratio will increase and its current ratio will decrease.

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