Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $806,000 $1,071,000 Accounts receivable 714,000 504,000 Inventory 441,000 425,000 Total current assets $1,961,000 $2,000,000 Current liabilities: Current portion of long-term debt $128,000 $113,000 Accounts payable 256,000 225,000 Accrued and other current liabilities 416,000 412,000 Total current liabilities $800,000 $750,000 a. Determine the quick ratio for December 31 of both years. It required, round your answers to one decimal place. Quick Ratio Previous year: Current year: b. How did the quick ratio change between the two balance sheet dates? Increased Check My Work 2 more Check My Work uses remaining, Save MacBook Air