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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 sold inventory on account. Which of the following statements is incorrect?
Generation X
The demographic cohort following the baby boomers, typically defined as individuals born from the mid-1960s to early 1980s.
Self-Reliance
The reliance on one's own powers and resources rather than those of others.
Individualism
A social theory favoring freedom of action for individuals over collective or state control, emphasizing the moral worth of the individual.
Social Learning
The process of acquiring new behaviors or attitudes through observing the actions and outcomes of others, as outlined in social learning theory.
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