Calculate the quick ratio for Los Altos, Inc., for both years, using the financial statements displayed below. Round to nearest hundredth 2019 2020 (0.67) Quick Ratio (0.72) W Did the company's ability to pay its current liabilities improve over the two years? No Los Altos, Inc. Income Statement For Years Ended December 31, 2020 and 2019 (in millions) Net sales Cost of goods sold Gross profit Selling and administrative expenses income from operations Interest expense Income before income taxes Income tax expense Net income 2020 2019 $10.000 59.500 5.500 5.200 4.500 4300 2.800 2.700 1.700 1,600 300 250 1.400 1350 420 400 $980 5950 Los Altos, Inc. Balance Sheet December 31, 2020 and 2019 (in millions) 2020 2019 Assets Current assets Cash and cash equivalents $200 $400 Accounts receivable 900 800 Inventory 500 650 Other current assets 400 250 Total current assets 2,000 2,100 Property, plant, & equipment (net) 2,600 2,500 Other assets 5,700 5,900 Total assets $10,300 $10,500 Liabilities and Stockholders' Equity Current liabilities $3,000 $2,900 Long-term liabilities 5,000 5,400 Total liabilities 8,000 8,300 Stockholders equity - common 2.300 2.200 Total Liabilities and Stockholders' Equity $10,300 $10,500 Check