Calculate the current ratio and the quick ratio for the following partial financial statement for Tootsie Roll.

Assets				Liabilities
Current assets:				Current liabilities:
Cash and cash equivalents (Note 1)	$	4,244,190		Notes payable to banks	$	652,221
Investments (Note 1)		32,553,769		Accounts payable		6,984,075
Accounts receivable, less allowances of $750,000 and $746,000		16,226,648		Dividends payable		556,607
Inventories (Note 1):				Accrued liabilities (Note 5)		9,806,534
Finished goods and work in progress		12,670,955		Income taxes payable		4,451,429
Raw materials and supplies		10,295,858
Prepaid expenses		2,057,710

Current Ratio:

Quick Ratio: