Calculate the Quick Ratio for this year

PETE'S POTATO & PASTA, INC. BALANCE SHEET ENDING DECEMBER 31st ASSETS This year Last year $ Current assets Cash and cash equivalents Accounts receivable Inventory Total current assets 10,000 35,000 25,000 70,000 10,000 30,000 20.000 60,000 $ Fixed assets Plants and machinery Less depreciation Land Intangible Assets TOTAL ASSETS 20,000 -12,000 8,000 2,000 88,000 20,000 -10,000 8,000 1,500 79,500 LIABILITIES and SHAREHOLDERS' EQUITY $ Liabilities Accounts payable Taxes payable Long-term bonds issued TOTAL LIABILITIES 20,000 5,000 15,000 40,000 15,500 4,000 10,000 29,500 SHAREHOLDERS' EQUITY Common stock Retained earnings TOTAL SHAREHOLDERS' EQUITY 40,000 8,000 48,000 40,000 10,000 50,000 LIABILITIES and SHAREHOLDERS' EQUITY $ 88,000 79,500