Canadian Bacon Inc. financial statements are presented in the table below.

Based on the information in the table, calculate the firm's current ratio.

Round the answers to two decimal places

Balance Sheet December 31, 2011

Cash and marketable securities$143,000Accounts payable$278,000Accounts receivable$354,000Notes payable$87,000Inventories$672,000Accrued expenses$65,000Prepaid expenses$12,500Total current liabilities$430,000Total current assets$1,181,500Long-term debt$284,000Gross fixed assets$1,675,000Par value and paid-in-capital$228,000Less: accumulated depreciation$500,000Retained Earnings$1,414,500Net fixed assets$1,175,000Common Equity1,642,500Total assets$2,356,500Total liabilities and owner's equity$2,356,500

Income Statement Year of 2011

Net sales (all credit)$3,136,600.00Less: Cost of goods sold$2,195,620.00Selling and administrative expenses$345,000.00Depreciation expense$146,000.00EBIT$449,980.00Interest expense$45,300.00Earnings before taxes$404,680.00Income taxes$161,872.00Net income$242,808.00