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Current Ratio and Quick (Acid-Test) Ratio Upton Company has current assets equal to $2,970,000. Of...

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Current Ratio and Quick (Acid-Test) Ratio Upton Company has current assets equal to $2,970,000. Of these, $990,000 is cash, $1,300,000 is accounts receivable, and the remainder is inventories. Current liabilities total $3,150,000. Required: Note: Round answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick (acid-test) ratio

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