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Current Position Analysis The following data were taken from the balance sheet of Nilo Company at...

Current Position Analysis

The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years:

Current Year Previous Year
Current assets:
  Cash $399,000 $317,200
  Marketable securities 462,000 356,900
  Accounts and notes receivable (net) 189,000 118,900
  Inventories 693,000 483,700
  Prepaid expenses 357,000 309,300
  Total current assets $2,100,000 $1,586,000
Current liabilities:
  Accounts and notes payable
  (short-term) $406,000 $427,000
  Accrued liabilities 294,000 183,000
  Total current liabilities $700,000 $610,000

a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place.

Current Year Previous Year
1. Working capital $ $
2. Current ratio
3. Quick ratio

b. The liquidity of Nilo has   from the preceding year to the current year. The working capital, current ratio, and quick ratio have all  . Most of these changes are the result of an   in current assets relative to current liabilities.

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