Consider the following financial data for Larrys Music Stores:

Statement of Financial Position as of December 31, 2012

Cash	$	56,500		Accounts payable	$	52,000
Accounts receivable		119,000		Short-term bank note		81,000
Inventories		210,000		Accrued wages and taxes		29,500
Total current assets	$	385,500		Total short-term liab.	$	162,500
				Long-term debt		288,000
Net fixed assets		353,500		Common equity		288,500
Total assets	$	739,000		Total liabilities & equity	$	739,000

Profit & Loss Statement for the Year Ended December 31, 2012

Sales	$	450,000
Cost of sales		284,500
Gross profit	$	165,500
Operating expenses		75,000
Earnings before interest and taxes (EBIT)	$	90,500
Interest expense		48,000
Earnings before taxes (EBT)	$	42,500
Federal and state income taxes (40 percent)		17,000
Net profit	$	25,500

Calculate Larrys quick ratio.

	a.	1.64
	b.	2.37
	c.	1.08
	d.	1.34
	e.	0.86