The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years Current Year Previous Year Current assets: $478,800 $395,200 Cash 444,600 Marketable securities 554,400 Accounts and notes receivable (net) 226,800 148,200 Inventories 950,400 602,700 489,600 385,300 Prepaid expenses $2,700,000 $1,976,000 Total current assets Current liabilities Accounts and notes payable (short-term) $348,000 $364,000 252,000 156,000 Accrued liabilities $600,000 $520,000 Total current liabilities a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio, Round ratios to one decimal place Current Year Previous Year 1. Working capital 2. Current ratio 3. Quick ratio b. The liquidity of Nilo has from the preceding year to the current year. The working capital, current ratio, and quick ratio have all Most of these changes are the result of an in current assets relative to current liabilities