Vanity Dog Products had the following account balances.

\begin{array}{c}\begin{array}{|lr|} \hline 2014\\\hline \$ & 89,000 \\\hline \$ & 98,000 \\\hline \$ & 99,500 \\\hline \$ & 25,000 \\\hline \$ & 155,000 \\\hline \$ & 199,500 \\\hline \$ & 45,000 \\\hline \$ & 55,000 \\\hline \$ & 145,000 \\\hline \$ & 1,000,000 \\\hline \$ & 297,500 \\\hline \end{array}\begin{array}{lr|}\hline 2013 & \\\hline \$ & 76,000 \\\hline \$ & 135,000 \\\hline \$ & 67,800 \\\hline \$ & 45,000 \\\hline \$ & 145,000 \\\hline \$ & 145,600 \\\hline \$ & 25,000 \\\hline \$ & 100,000 \\\hline \$ & 145,000 \\\hline \$ & 1,000,000 \\\hline \$ & 265,000 \\\hline \end{array} \begin{array}{l|}\hline \text {}\\\hline \text {Cash}\\\hline \text {Marketable Securities}\\\hline \text {Account Receivables}\\\hline \text {Inventory}\\\hline \text {Plant Assets}\\\hline \text {Accounts Payable}\\\hline \text {Notes Payable, Short Term}\\\hline \text {Notes Payable, Long Term}\\\hline \text {Mortgage Payable}\\\hline \text {Common Stock}\\\hline \text {Retained Earmings}\\\hline\end{array}\end{array}

Required:
Compute the following :
1) The 2013 Quick Ratio
2) The 2013 Current Ratio
3) The 2014 Quick Ratio
4) The 2014 Current Ratio
5) What was net income for 2014, assuming no dividends were paid?
6) Did the quick ratio improve for 2014 over 2013 or did it degrade?

On December 1, 2014, Old Car Co

Multiple Choice

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