Calculate the current ratio and the quick ratio for the following partial financial statement for Tootsie Roll. (Round your answers to the nearest hundredth.)

Assets Liabilities;

Current assets:

Cash and cash equivalents (Note 1)

$

4,364,190

Investments (Note 1)

32,673,769

Accounts receivable, less allowances of $762,000 and $758,000

16,346,648

Inventories (Note 1

Finished goods and work in progress

12,790,955

Raw materials and supplies

10,415,858

Prepaid expenses		2,177,710

Current liabilities:

Notes payable to banks

$

532,221

Accounts payable

6,864,075

Dividends payable

436,607

Accrued liabilities (Note 5)

9,686,534

Income taxes payable

4,331,429

Current ratio	?
Quick ratio	?