Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current YearPrevious Year Current assets: Cash$683,000 $649,000 Accounts receivable605,000 305,000 Inventory374,000 258,000 Total current assets$1,662,000 $1,212,000 Current liabilities: Current portion of long-term debt$90,000 $80,000 Accounts payable179,000 159,000 Accrued and other current liabilities291,000 291,000 Total current liabilities$560,000 $530,000 a. Determine the quick ratio for December 31 of both years. If required, round your answers to one decimal place. Quick Ratio Previous year: Current year: b. How did the quick ratio change between the two balance sheet dates?
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