The comparative financial statements for Prince Company are below:
Year 2 Year 1
Income statement:
Sales revenue $ 190,000 $ 167,000
Cost of goods sold 112,000 100,000
Gross profit 78,000 67,000
Operating expenses and
interest expense 56,000 53,000
Pretax income 22,000 14,000
Income tax 8,000 4,000
Net income $ 14,000 $ 10,000
Balance sheet:
Cash $ 4,000 $ 7,000
Accounts receivable (net) 14,000 18,000
Inventory 40,000 34,000
Property and equipment (net) 45,000 38,000
Total assets $ 103,000 $ 97,000
Current liabilities (no interest) $ 16,000 $ 17,000
Long-term liabilities (10% interest) 45,000 45,000
Common stock ($5 par value, 6,000
shares outstanding) 30,000 30,000
Retained earnings 12,000 5,000
Total liabilities and stockholders'
equity $ 103,000 $ 97,000

By what amount did the current ratio change from Year 1 to Year 2

It is increases by 0.155 times

Explanation:

As we know that    

Current ratio = Current assets ÷ Current liabilities

where,

Current assets = Cash + account receivable + inventory

So in year 1, the current ratio is

= ($7,000 + $18,000 + $34,000) ÷ ($17,000)

= ($55,000) ÷ ($17,000)

= 3.47 times

And, in year 2 , the current ratio is

= ($4,000 + $14,000 + $40,000) ÷ ($16,000)

= ($58,000) ÷ ($16,000)

= 3.625 times

Therefore, it is increases by 0.155 times

commercial banking

provide online payment services

provide online banking

asset management firms

invest in people's funds in securities

accept tax return refunds

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%