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Current Ratio and Quick (Acid-Test) Ratio Kate Company has current assets equal to $4,455,000. Of...

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Current Ratio and Quick (Acid-Test) Ratio Kate Company has current assets equal to $4,455,000. Of these, $1,210,000 is cash, $1,105,000 is accounts receivable, $840,000 is marketable securities, and the remainder is inventories. Current liabilities total $2,400,000. Required: Note: Round answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick (acid-test) ratio. x

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