Quick Ratio Austin Technology Co. had the following current assets and liabilities for two…

Quick Ratio

Austin Technology Co. had the following current assets and liabilities for two comparative years:Current YearPrevious YearCurrent assets:Cash$416,000$563,000Accounts receivable368,000265,000Inventory227,000224,000Total current assets$1,011,000$1,052,000Current liabilities:Current portion of long-term debt$78,000$69,000Accounts payable157,000138,000Accrued and other current liabilities255,000253,000Total current liabilities$490,000$460,000

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a. Determine the quick ratio for December 31 of both years. If required, round your answers to one decimal place.

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