by of Chapter 11 eBook Calculator Cash Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: $1,026,000 $1,072,000 Accounts receivable 910,000 505,000 Inventory 561,000 426,000 Total current assets $2,497,000 $2,003,000 Current liabilities: Current portion of long-term debt $141,000 $125,000 Accounts payable 282,000 249,000 Accrued and other current liabilities 457,000 456,000 Total current liabilities $880,000 $830,000 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? Increased A MacBook