Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current assets: Cash Accounts receivable Inventory Current Year Previous Year $644,000 $612,000 572,000 288,000 353,000 243,000 $1,569,000 $1,143,000 Total current assets Current liabilities: Current portion of long-term debt $102,000 $90,000 Accounts payable 205,000 180,000 Accrued and other current liabilities 333,000 330,000 Total current liabilities $640,000 $600,000 a. Determine the quick ratio for December 31 of both years. If required, round your answers to one decimal place. Previous year: Current year: Quick Ratio 1.8 X 21 X b. How did the quick ratio change between the two balance sheet dates? Increased Feedback