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Current Position Analysis 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 $353,800 $292,400 Marketable securities 409,600 329,000 Accounts and notes receivable (net) 167,600 109,600 Inventories 323,400 183,600 Prepaid expenses 166,600 117,400 Total current assets $1,421,000 $1,032,000 Current liabilities: Accounts and notes payable (short-term) $284,200 $301,000 Accrued abilities 205,800 129,000 Total current liabilities $490,000 $430,000 1. Determine for each year (1) the working capital, (a) 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