how to calculate quick ratio from the tables provided?

2019 (a) Current ratio 2018 280,000/66,500 = 4.21 268,000/54,600 =4.91 Current assets/current liabilities (2019) (b) Quick ratio 80,000/66,500 = 1.2 88,000/54,600 = 1.61 Icurrent liabilties REGATTA INC INCOME STATEMENT For the year ended 31 March 2019 2019 Sales $ Cash Sales 320,000 Credit Sales 440,000 760,000 Cost of Goods Sold 532.000 Gross Profit 228,000 2018 $ 280,000 360.000 640,000 422.000 218.000 Expenses Selling Expenses Administration Expenses Interest Expenses Total Expenses 70,000 75,000 18.000 163.000 55,000 71,000 12.000 138.000 Net Income $65.000 $80.000 Question 6 7 / 29 REGATTA INC BALANCE SHEET as at 31 March 2019 2018 2019 $ 548,500 460.400 Owners' Equity Represented by: Current Assets Cash at Bank Accounts Receivable Inventory 80,000 200,000 280,000 16,000 72,000 180,000 268,000 Non-current assets Equipment (net) Buildings (net) Land 35,000 320,000 100,000 455,000 735,000 37,000 210,000 100,000 347,000 615,000 Total Assets Current Liabilities Bank overdraft Accounts Payable Accrued Expenses 15,000 48,000 3.500 66,500 37,000 17.600 54,600 Non-Current Liabilities Loan Total Liabilities Net Assets 120.000 186.500 548,500 100.000 154.600 460,400 Further information: Inventory 1 April 2016 Average Inventory turnover for industry $170,000 4 times