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Question - The comparative financial statements for Prince Company are below:
Year 2
Year 1
Income statement:
Sales revenue
$191,900
$168,400
Cost of goods sold
113,800
100,400
Gross profit
78,100
68,000
Operating expenses and interest expense
57,400
54,400
Pretax income
20,700
13,600
Income tax
6,210
4,080
Net income
$14,490
$9,520
Balance sheet:
Cash
$5,300
$5,400
Accounts receivable (net)
14,600
16,100
Inventory
40,300
33,300
Property and equipment (net)
45,800
37,400
Total assets
$106,000
$92,200
Current liabilities (no interest)
$14,700
$15,700
Long-term liabilities (10 interest)
44,000
Common stock ($5 par value, 5,900 shares outstanding)
29,500
Retained earnings
17,800
3,000
Total liabilities and stockholders' equity
Required - By what amount did the current ratio change from Year 1 to Year 2?
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