Teacher Needs Inc.'s condensed income statement and balance sheet for the years 2016 and 2015 follow.

INSTRUCTIONS
Using the following additional information, fill in the missing values:
1. Accounts Receivable increased 50 percent from 2015 to 2016.
2. There were no new purchases of land, property, or equipment in 2016.
3. Accounts Payable decreased 40 percent from 2015 to 2016.
4. No new shares of common stock were issued in 2016.
5. The company paid out cash dividends of $43,048 in 2016.
6. The inventory turnover ratio for 2016 was 6 times.
7. The asset turnover ratio in 2016 was 2.1 times and in 2015 was 2.0 times.
8. The earnings per share in 2016 was $44.624 and in 2015 was $26.00.
9. The effective income tax rate in both years was 20 percent.
Analyze:
Assume that the management of Teacher Needs Inc. had been given a directive by the board of directors to improve the company's current ratio in 2016. Did the company improve its standing in this regard from 2015?

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Teacher Needs, Inc. Condensed Comparative Income Statement For Years Ending December 31, 2016 and 2015 Amounts 2016 2015 Sales Less Cost of Goods Sold Gross Profit 120,000 Operating Expenses 115,000 100,000 Net Income before Income Tax Income lax Expense Net Income after Income Tax Assets Current Assets Cash Accounts Receivable Merchandise Inventory Total Current Assets Property, Plant, and Equipment Land Equipment Less Accumulated Depreciation 54,600 35,500 22,000 20,000 77,500 26,000 20,000 50,000 (10,000) Total Property, Plant, and Equipment Total Assets 65,000 42,500 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Accrued Expenses otal Current Liabilities Stockholders' Equity Common Stock (SI par, 10,000 shares authorized) Paid in Capital in Excess of Par-Common Stock Retained Earnings 21,000 24,900 2,000 40,000 500 100,000 Total Stockholders' Equity Total Liabilities and Stockholders' Equity