Question: Calculating the Current Ratio and the Quick (or Acid-Test) Ratio The Gridiron Company has current assets equal to $3,800,000. Of these, $1,200,000 is cash, $1,800,000

Calculating the Current Ratio and the Quick (or Acid-Test) Ratio The Gridiron Company has current assets equal to $3,800,000. Of these, $1,200,000 is cash, $1,800,000 is accounts receivable, $500,000 is inventory, and the remainder is marketable securities. Current liabilities total $2,093,000. Required: Note: Round answers to two decimal places. 1. Calculate the current ratio. 2. Calculate the quick ratio (acid-test ratio)

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