The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Line Item Description Current Year Previous Year Current assets:       Cash $445,700   $352,000     Marketable securities 516,100   396,000     Accounts and notes receivable (net) 211,200   132,000     Inventories 370,300   241,600     Prepaid expenses 190,700   154,400       Total current assets $1,734,000   $1,276,000   Current liabilities:       Accounts and notes payable (short-term) $295,800   $308,000     Accrued liabilities 214,200   132,000       Total current liabilities $510,000   $440,000   a.  Determine for each year the quick ratio. Round ratios to one decimal place.

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years:

Line Item Description Current Year Previous Year
Current assets:    
  Cash $445,700   $352,000  
  Marketable securities 516,100   396,000  
  Accounts and notes receivable (net) 211,200   132,000  
  Inventories 370,300   241,600  
  Prepaid expenses 190,700   154,400  
    Total current assets $1,734,000   $1,276,000  
Current liabilities:    
  Accounts and notes payable (short-term) $295,800   $308,000  
  Accrued liabilities 214,200   132,000  
    Total current liabilities $510,000   $440,000  

a.  Determine for each year the quick ratio. Round ratios to one decimal place.

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