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The income statement for the year ended December 31, 20X6, for Total Inc. contains the following information:

Total Inc.
Income Statement
Year Ended December 31, 20X6
Sale	$	50,000
Cost of goods sold	$	30,000
Gross Profit	$	20,000
Operating Expenses	$	15,000
Profit from Operations	$	5,000
Income Tax Expense	$	3,000
Profit	$	2,000

Total Inc. comparative balance sheet at December 31

	20X6			20X5
Cash	$	1,200		$	1,000
Accounts Receivable	$	300		$	1,500
Inventory	$	5,000		$	3,000
Equipment	$	12,000		$	8,000
Accumulated Depreciation - equipment	$	(4,000	)	$	(2,000	)
Total Assets	$	14,500		$	11,500
Account Payable	$	1,000		$	3,500
Long-term Notes Payable	$	2,000		$	-
Common shares	$	10,000		$	8,000
Retained Earnings	$	1,500		$	-
Total Liabilities & Shareholders' Equity	$	14,500		$	11,500

Additional Information:

Operating expenses include depreciation expense of $2,500

Accounts Payable related to the purchase of inventory

Equipment that cost $2,000 was sold for $1,500 cash

New equipment was purchased during the year for $5,000

Common shares were sold for $2,000 cash

Round answers to fit 2 decimal places in all questions (in % questions a 0.12 is presented as 12%, so a 0.124 is rounded as 12% and 0.127 is rounded as 13%)

The quick ratio at December 20X5 was:

Multiple Choice

Between 0.88 and 2.64

Equal or above 2.65

Equal or below 0.21

Between 0.22 and 0.87

Not enough data provided to calculate it

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