For the Balance Sheet given below, find out current ratio and quick ration for the year 2002 and 2003. Comment on the results.

 

For the Balance Sheet given below, find out current ratio and quick ration for the year 2002 and 2003. Comment on the results. Assets Cash Marketable securities Accounts receivable Inventories Total current assets Land and buildings Machinery and equipment Furniture and fixtures Other Technica, Inc. Balance Sheets Total gross fixed assets Less: Accumulated depreciation Net fixed assets Total assets Liabilities and Stockholders' Equity Accounts payable Notes payable Accruals Total current liabilities Long-term debt Stockholders' equity Common stock equity (shares outstanding: 19,500 in 2003 and 20,000 in 2002) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity December 31 2003 $ 15,000 7,200 34,100 82,000 $138,300 $150,000 200,000 54,000 11,000 $415,000 145,000 $270,000 $408,300 $ 57,000 13,000 5,000 $ 75,000 $150,000 $110,200 73,100 $183,300 $408,300 2002 $ 16,000 8,000 42,200 50,000 $116,200 $150,000 190,000 50,000 10,000 $400,000 115,000 $285,000 $401,200 $ 49,000 16,000 6,000 $ 71,000 $160,000 $120,000 50,200 $170,200 $401,200