A company has the following balances in its accounts on December 31, 2022:

• Cash: $50,000
• Accounts Receivable: $30,000
• Inventory: $40,000
• Accounts Payable: $20,000
• Loans Payable: $10,000
• Common Stock: $60,000
• Retained Earnings: $70,000

Calculate the company's current ratio and quick ratio on December 31, 2022.