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A companys current ratio is 30 if the company uses cash to

A company's current ratio is 3.0. If the company uses cash to retire notes payable due within one year, would this transaction increase or decrease the current ratio and asset turnover ratio?

Current Ratio: Decrease; Asset turnover: Decrease
Current Ratio: no effect; Asset turnover; increase
Current Ratio: No effect; Asset turnover: No effect
Current Ratio: Increase; Asset turnover: increase

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Finance Basics: A companys current ratio is 30 if the company uses cash to

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