Current Ratio and Quick (Acid-Test) Ratio Upton Company has current assets equal to $2,885,000. Of these, $1,100,000 is cash, $1,105,000 is accounts receivable, and the remainder is inventories. Current liabilities total $2,850,000. Required: Note: Round answers to two decimal places.

1. Compute the current ratio.

2. Compute the quick (acid-test) ratio.

Feedback 1. Current Ratio = Current Assets/Current Liabilities 2. Quick Ratio = (Cash + Marketable Securities + Accounts Receivable)/Current Liabilities