Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $640,000 $866,000 Accounts receivable 567,000 407,000 Inventory 350,000 344,000 Total current assets $1,557,000 $1,617,000 Current liabilities: Current portion of long-term debt $114,000 $101,000Accounts payable 227,000 201,000 Accrued and other current liabilities 369,000 368,000 Total current liabilities $710,000 $670,000 Determine the quick ratio for December 31 of both years.
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