Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. wichita company wrote off $100,000 of obsolete inv

Wichita Company wrote off $100,000 of obsolete inventory at December 31, year 2. The effect...

70.2K

Verified Solution

Question

Accounting

Wichita Company wrote off $100,000 of obsolete inventory at December 31, year 2. The effect of this write-off was to decrease:

  1. Both the current and acid-test ratios.
  2. Only the current ratio.
  3. Only the acid-test ratio.
  4. Neither the current nor the acid-test ratios.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A solution prepared by mixing 60.0 mL of 0.220 M AgNO3 and 60.0 mL of 0.220...

Chemistry
Q

Compare the emergence/self organization model to the PSS (physical symbol system) model. Which one do you...

Psychology
Q

How do Scientists think our sun was created, or born?Other life forms constructed gravitational hydrogen...

Biology
Q

In the figure AC is a diameter of the circle CG bisects ACB with G...

Geometry
Q

for voters in Rising Falls County is approximately normally distributed An article for the newspaper...

Statistics
Q

onsider the following f x 2x a Use a graphing utility to graph the function...

Calculus
Q

4 For this quadratic function y 3 x 1 7 2 b 4ac 0 b...

Algebra
Q

Classify each cost as being either variable or fixed with respect to the...

Accounting
Q

Find the financial statements of a publicly traded company and review its statement of cash...

Accounting
Q

Present and future value tables of $1 at 9% are presented below. ...

Accounting
Q

The following table shows your stock positions at the beginning of the year, the dividends...

Finance
Q

A 10 year loan is being repaid with payments at the end of each year...

Finance