The following items are reported on a company's balance sheet: Cash.................................$100,000 Marketable securities.................50,000 Accounts receivable (net)............60,000 Inventory..............................70,000

Question:

The following items are reported on a company's balance sheet:
Cash.................................$100,000
Marketable securities.................50,000
Accounts receivable (net)............60,000
Inventory..............................70,000
Accounts payable..................140,000
Determine
(a) The current ratio
(b) The quick ratio. Round to one decimal place.