Jordan Company provided the following information:
Current assets:
Cash........................................... $1,100,000
Accounts receivable........................... 2,700,000
Inventories..................................... 1,600,000
Total current assets............................ $5,400,000
Current liabilities...............................$2,000,000
Required:
Round answers to one decimal place.
1. Compute the current ratio.
2. Compute the quick (acid-test) ratio.