December 31st (Millions of dollars) Jing ing Free Spirit Foodstuffs Industries Free Spirit Foodstuffs Industries Inc. Inc. Inc. Inc. Assets Liabilities Current assets Current liabilities $5,453 1,995 5,852 13,300 $3,505Accounts payable $0 1,202 6,813 8,015 9,797 17,812 $0 0 6,412 6,412 7,838 14,250 Cash Accounts receivable Inventories 1,283 3,762 8,550 Accruals Notes payable Total current liabilities Total current assets Net fixed assets Net plant and equipment Long-term bonds 10,450 10,450 Total debt Common equity Common stock Retained earnings Total common equity 3,860 2,078 5,938 23,750 3,088 1,662 4,750 19,000 Total assets 23,750 19,000Total liabilities and equity Free Spirit Industries Inc.'s current ratio is , and its quick ratio is ; Jing Foodstuffs Inc.'s current ratio is , and its quick ratio is Note: Round your values to four decimal places Which of the following statements are true? Check all that apply Jing Foodstuffs Inc. has a better ability to meet its short-term liabilities than Free Spirit Industries Inc.. A current ratio of 1 indicates that the book value of the company's current assets is equal to the book value of its current liabilities An increase in the quick ratio over time usually means that the company's liquidity position is improving and that the company is managing its short-term assets well Compared to Free Spirit Industries Inc., Jing Foodstuffs Inc. has less liquidity and a lower reliance on outside cash flow to finance its short-term obligations An increase in the current ratio over time always means that the company's liquidity position is improving