Question: Current Position Analysis The following items are reported on a company's balance sheet: Cash $245,000 Temporary investments 191,400 Accounts receivable (net) 87,500 Inventory 241,800 Accounts

Current Position Analysis

The following items are reported on a company's balance sheet:

Cash $245,000
Temporary investments 191,400
Accounts receivable (net) 87,500
Inventory 241,800
Accounts payable 403,000

Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place.

a. Current ratio
b. Quick ratio

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