A small restaurant reported the following current assets at year’s end: Cash

$2,440, credit card receivables $1,402, accounts receivable $440, food inventories

$2,680, prepaid insurance $1,200, and prepaid rent $1,500. Current liabilities were $3,426.

(a) Complete a common-size vertical analysis of current assets.

(b) Calculate the current and quick ratios.

LO1