End of Chapter Problems Q Search this course ssignment: Ch 07: End of Chapter Problems Assignment Score: 20.00% Save Submit Assignment for Grading aestions Problem 7-09 (Current and Quick Ratios) Question 3 of 5 Check My Work (1 remaining) eBook Problem Walk-Through Current and Quick Ratios The Nelson Company has $1,255,500 in current assets and $465,000 in current liabilities. Its initial inventory level is $310,000, and it will raise funds as additional notes payable and use them to increase inventory. How much can Nelson's short-term debt (notes payable) increase without pushing its current ratio below 2.2? Do not round Intermediate calculations. Round your answer to the nearest dollar. What will be the firm's quick ratio after Nelson has raised the maximum amount of short-term funds? Do not round Intermediate calculations. Round your answer to two decimal places. Check My Work (1 remaining 0lcon Key Problem 7-09 (Current and Quick Ratios) Question 3 of 5 Save Submit Assignment for Gradin