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[The following information applies to the questions displayed below.] The comparative financial statements for Prince Company are below: Year 2 Year 1 Income statement: Sales
[The following information applies to the questions displayed below.] The comparative financial statements for Prince Company are below: Year 2 Year 1 Income statement: Sales revenue $190, 500 $167 , 200 Cost of goods sold 112, 400 100, 200 Gross profit 78, 100 67, 000 Operating expenses and interest expense 57, 300 54, 300 Pretax income 20, 800 12, 700 Income tax 6,240 3, 810 Net income $ 14, 560 $ 8, 890 Balance sheet: Cash $ 6,000 $ 5, 100 nces Accounts receivable (net) 15, 400 17, 800 Inventory 41, 000 33 , 000 Property and equipment (net) 45, 800 36, 600 Total assets $108, 200 $ 92, 500 Current liabilities (no interest) $ 15, 100 $ 16, 100 Long-term liabilities (9 interest) 43, 300 43 , 300 Common stock ($5 par value, 5, 900 shares outstanding) 29, 500 29, 500 Retained earnings 20, 300 3, 600 Total liabilities and stockholders equity $108, 200 $ 92, 500 2. By what amount did the current ratio change from Year 1 to Year 2? (Round your intermediate calculations and final answer decimal places.) Current ratio change
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