Question: The following items are reported on a companys balance sheet: Cash $140,000 Temporary investments 60,000 Accounts receivable (net) 40,000 Inventory 80,000 Accounts payable 160,000 Determine

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

Cash $140,000
Temporary investments 60,000
Accounts receivable (net) 40,000
Inventory 80,000
Accounts payable 160,000

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

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