Book Show Me How The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $434,700 $360,000 Marketable securities 503,400 405,000 Accounts and notes receivable (net) 205,900 135,000 Inventories 858,000 603,900 Prepaid expenses 442,000 356,100 Total current assets $2,444,000 $1,890,000 Current liabilities: Accounts and notes payable $301,600 (short-term) Accrued liabilities $315,000 135,000 218,400 Total current liabilities $520,000 $450,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place Current Year Previous Year 1. Working capital 2. Current ratio 3. Quick ratio b. The liquidity of Nilo has improved from the preceding year to the current year. The working capital, current ratio, and quick ratio have all increased Most of these changes are the result of an increase in current assets relative to current liabilities Check My Work 3 more Check My Work uses remaining