$16.$ The Shelly Sun & Shade Company had the following financial data at December $31,2024$ Cash and cash equivalents $59,500$ Total current liabilities $85,000$ What is the cash ratio as of December $31,2024,$ for Shelly Sun & Shade? Determine the formula, then calculate the cash ratio. $($Enter the cash ratio to two decimal places $)$ Cash and cash equivalents Total current liabilities $=$ Cash ratio