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Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $604,000 $857,000
Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years:
| Current Year | Previous Year | ||||||
| Current assets: | |||||||
| Cash | $604,000 | $857,000 | |||||
| Accounts receivable | 535,000 | 403,000 | |||||
| Inventory | 330,000 | 340,000 | |||||
| Total current assets | $1,469,000 | $1,600,000 | |||||
| Current liabilities: | |||||||
| Current portion of long-term debt | $107,000 | $95,000 | |||||
| Accounts payable | 214,000 | 189,000 | |||||
| Accrued and other current liabilities | 349,000 | 346,000 | |||||
| Total current liabilities | $670,000 | $630,000 | |||||
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: |
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