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			$927,000		$1,080,000
	Accounts receivable			401,000		432,000
	Inventory			954,000		756,000
		Total current assets		$2,282,000		$2,268,000
Current liabilities:
	Current portion of long-term debt			$208,000		$158,000
	Accounts payable			249,000		216,000
	Accrued and other current liabilities			373,000		346,000
		Total current liabilities		$830,000		$720,000

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?