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Use the following table: Case X Case Y Case 2 Cash 1; 959 $ 1,519 $ 2,999 Shortterm investments 9 9 899 Receivables 9 1,749 1,499 Inventory 3,599 1,699 6,799 Prepaid expenses 2,799 1,959 1,599 Total current assets $7,159 $ 5,999 $12,499 Current liabilities $ 3,799 $ 1,859 $ 5,999 l Required: Calculate the quick ratio in each of the above cases and select the case which is in the best position to meet short-term obligations most easily. (Round your answers to 2 decimal places.) _!l!l!l!l Willard Company established a $440 petty cash fund on September 9, 2020. On September 30, the fund had $175.40 in cash along with receipts for these expenditures: transportation-in, $35.70; office supplies, $124.90; and repairs expense, $97.00. Willard uses the perpetual method to account for merchandise inventory. The petty cashier could not account for the $7.00 shortage in the fund. a. Prepare the September 9 entry to establish the fund. View transaction list Journal entry worksheet Record the entry to establish the fund. Note: Enter debits before credits. Date General Journal Debit Credit Sep 09, 2020 Record entry Clear entry View general journalb. Prepare a summary of the petty cash payments and record the entry on September 30 to reimburse the fund and reduce it to $290. (Round your answers to 2 decimal places.) WILLARD COMPANY Petty Cash Payments Report September 9 - 30, 2020 Receipts: Total receipts Fund tote Equals: Cash required to replenish petty cash View transaction list Journal entry worksheet Record the entry to reimburse the fund. Note: Enter debits before credits. Date General Journal Debit Credit Bep 30. 2020 Record entry Clear entry View general journal