Cougar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following:

Cash $ 20,000 Accounts payable $ 19,000 Investments (short-term) 3,500 Accrued liabilities payable 2,000 Accounts receivable 4,400 Notes payable (short-term) 5,200 Inventory 30,000 Notes payable (long-term) 49,000 Notes receivable (long-term) 1,400 Common stock 9,300 Equipment 43,000 Additional paid-in capital 83,700 Factory building 101,000 Retained earnings 38,600 Intangibles 3,500

Summarized activities during the year: Purchased short-term investments for $7,800 cash. Lent $5,900 to a supplier who signed a two-year note. Purchased equipment that cost $23,000; paid $4,500 cash and signed a one-year note for the balance. Hired a new president at the end of the year. Contract was for $88,000 per year plus options to purchase company stock at a set price based on company performance. Issued an additional 1,300 shares of $0.50 par value common stock for $19,000 cash. Borrowed $15,000 cash from a local bank, payable in three months. Purchased a patent (an intangible asset) for $1,200 cash. Built an addition to the factory for $24,000; paid $8,000 in cash and signed a three-year note for the balance. Returned defective equipment to the manufacturer, receiving a cash refund of $3,400.

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Post the current year transactions to T-accounts for each of the accounts on the balance sheet (Cash, Investments, Accounts Receivable, Inventory, Notes receivable long term, equipment, factory building, intangibles, accounts payable, accrued liabilities payable, notes payable short term, long term notes payable, common stock, additional paid-in capital, retained earnings), Prepare a trial balance at December 31 of the current year, & Compute the current ratio for the current year -- round to 2 decimal places.