8. All are part of the same question.

Calculate the current ratio.

LOGIC COMPANY Comparative Balance sheet December 31,2022 and 2023 2023 2022 Assots Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Liabilities \begin{tabular}{rr} $11,400 & $8,600 \\ 15,700 & 11,700 \\ 7,700 & 13,200 \\ 23,200 & 9,200 \\ \hline$58,000 & $42,700 \\ \hline \end{tabular} Current liabilities: Accounts payable Salaries payable Total current liabilities $13,700$10,200 \begin{tabular}{rr} 12,700 & 8,200 \\ \hline$26,400 & $18,400 \\ \hline$84,400 & $61,100 \\ \hline \end{tabular} Long-term liabilities: Mortgage note payable Total liabilities Stockholders' Equity Common stock \begin{tabular}{rr} $12,200 & $6,200 \\ 6,200 & 4,200 \\ \hline$18,400 & $10,400 \end{tabular} Retained earnings Total stockholders' equity Total liabilities and stockholders' equity \begin{tabular}{rr} 21,200 & 19,700 \\ \hline$39,600 & $30,100 \\ \hline$20,200 & $20,200 \\ 24,600 & 10,800 \\ \hline$44,800 & $31,000 \\ \hline$84,400 & $61,100 \\ \hline \end{tabular} Calculate the current ratio. Note: Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth