Information from Collins Companys balance sheet is as follows:

Current assets:
	Cash	$ 12,000,000
	Short-term investments	20,000,000
	Accounts receivable	50,000,000
	Inventories	66,000,000
	Prepaid expenses	2,000,000
	Total current assets	$150,000,000
Current liabilities:
	Notes payable	$ 21,000,000
	Accounts payable	18,000,000
	Accrued expenses	13,000,000
	Income taxes payable	3,000,000
	Current portion of long-term debt	5,000,000
	Total current liabilities	$ 60,000,000

What is the acid-test (quick) ratio?

Select one:

a. 1.03 to 1

b. 1.37 to 1

c. 1.40 to 1

d. 2.50 to 1