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Balance sheet data for Comet Energy as of 12/31/30 is as follows for Lease AA: Leasehold costs $775,000 Less: Accumulated DD&A ($280,000) Net leasehold costs

Balance sheet data for Comet Energy as of 12/31/30 is as follows for Lease AA:



Leasehold costs

$775,000

Less: Accumulated DD&A

($280,000)

Net leasehold costs

$495,000

Wells and related E&F—IDC

$3,700,000

Less: Accumulated DD&A—IDC

($1,600,000)

Net wells and related E&F—IDC

$2,100,000

Wells and related E&F—L&WE

$2,050,000

Less: Accumulated DD&A—L&WE

($310,000)

Net wells and related E&F—L&WE

$1,740,000

Comet’s activities during 2031 related to Lease AA were as follows:



Exploratory dry hole drilled

$925,000

Development dry hole drilled

$1,010,000

Tanks, separators, etc., installed

$380,000

Production

370,000 bbl

Proved reserves, 12/31/31

3,700,000 bbl

Proved developed reserves, 12/31/31

3,400,000 bbl

Requirement:
 Calculate the Quick Ratio for 2031.

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