Application Problem 6-19 The following amounts were reported by Liquid Company in its most recent statement of financial position: Cash Accounts receivable Short-term investments Inventory Prepaid insurance Capital assets (net) Accounts payable Wages and salaries payable Income tax payable Sales tax payable Short-term notes payable Five-year bank loan $42,000 130,000 24,000 390,000 47,000 960,000 93,000 37,000 64,000 10,000 82,000 50,000 Calculate the current ratio and quick ratio for Liquid Company. (Round answers to 2 decimal places, e.g. 15.25.) Current ratio Quick ratio