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: Cash $550,600 $440,000 Marketable securities 637,600 495,000 Accounts and notes receivable (net) 260,800 165,000 Inventories 873,200 671,000 Prepaid expenses 449,800 429,000 Total current assets $2,772,000 $2,200,000 Current liabilities: Accounts and notes payable (short-term) $365,400 $385,000 Accrued liabilities 264,600 165,000 Total current liabilities $630,000 $550,000 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 improved from the preceding year to the current year. The working capital, current ratio, and quick ratio have all increased . Most of these changes are the result of an increase in current assets relative to current liabilities