Working Capital and Short$-$Term Liquidity Ratios

Richardson Company has a current ratio of $1\mathrm{.}50$ on December $31,$ Year $9.$ The following year$-$end data for the firm's current asset accounts is also

available:

Richardson Company's current liabilities at the beginning of Year $9$ were $$120,000,$ and during the year its operating activities provided a cash flow of

$$98,000.$

a$.$ What are the firm's current liabilities on December $31,$ Year $9?$

$

b$.$ What is the firm's working capital on December $31,$ Year $9?$

Calculate the following ratios for Year $9$ :