1. Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years:

   				Current Year		Previous Year
   Current assets:
   	Cash			$1,005,000		$739,000
   	Accounts receivable			435,000		296,000
   	Inventory			1,034,000		518,000
   		Total current assets		$2,474,000		$1,553,000
   Current liabilities:
   	Current portion of long-term debt			$200,000		$152,000
   	Accounts payable			240,000		207,000
   	Accrued and other current liabilities			360,000		331,000
   		Total current liabilities		$800,000		$690,000

   This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

   Open spreadsheet

   a. Determine the quick ratio for December 31 of both years. If required, round your answers to one decimal place.

   	Quick Ratio
   Previous year:	fill in the blank 2
   Current year:	fill in the blank 3

   b. How did the quick ratio change between the two balance sheet dates?

   DecreasedIncreased