Ocean Front Rentals reported the following selected amounts in its post-closing trial balance as of December 31, 2023 and December 31, 2024. All accounts have normal balances (Click the icon to view the balances.) Requirements 1. Calculate the cash ratio for the two years. Round to two decimal places 2. Did the company's position improve or weaken? Explain your answer. Requirement 1. Calculate the cash ratio for the two years. Round to two decimal places. Determine the formula, then calculate the cash ratio for 2024 and 2023. (Enter the cash ratio to two decimal places, X.XX.) Cash ratio ) + 2023 2024 ) - i Data Table 2024 2023 $ 6,600 $ 5,400 2,000 1,200 700 1,100 150 255 8,650 9,700 950 900 Cash Cash Equivalents Accounts Receivable Office Supplies Merchandise Inventory Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Utilities Payable Salaries Payable Unearned Revenue 22,000 4,600 22,000 4,000 800 1,000 210 260 900 800 900 Common Stock Retained Earnings 1,200 26,900 6,440 26,900 6,695 Print Done ( 2023 ( 2024 ( + + Average Common Stock Cash Cash Equivalents Retained Earnings Total Assets Total Current Assets Total Current Liabilities Total Equity Choose from any list or enter any number in the input fields and the Requirements 1. Calculate the cash ratio for the two years. Round to two decimal places. 2. Did the company's position improve or weaken? Explain your