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The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: begin{tabular}{lrr} & Current Year &
The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: \begin{tabular}{lrr} & Current Year & Previous Year \\ \hline Current assets: & & \\ Cash & $349,600 & $288,000 \\ Marketable securities & 404,800 & 324,000 \\ Accounts and notes receivable (net) & 165,600 & 108,000 \\ Inventories & 698,300 & 512,400 \\ Prepaid expenses & 359,700 & 327,600 \\ Total current assets & $1,978,000 & $1,560,000 \\ & & \end{tabular} 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
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