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Quick ratio
Gmeiner Co. had the following current assets and liabilities for two comparative years:
Current assets:
Cash
$ 486,000
$ 500,000
Accounts receivable
210,000
200,000
Inventory
375,000
350,000
Total current assets
$1,071,000
$1,050,000
Current liabilities:
Current portion of long-term debt
$ 145,000
$ 110,000
Accounts payable
175,000
150,000
Accrued and other current liabilities
260,000
240,000
Total current liabilities
$ 580,000
a. Determine the quick ratio for December 31, 2014 and 2013.
b. Interpret the change in the quick ratio between the two balance sheet dates.
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