MARJORAM COMPANY Balance Sheet At December 31, 2021 Cash Notes receivable (due August 15, 2022) Accounts receivable (net) Inventory Property, plant, and equipment (net) Intangible assets Total assets Current liabilities Bonds payable(118) (long-term) Common stock Retained earnings Total liabilities and equity $ 27,500 46,000 51,800 75, 700 335,000 15,800 $551,800 $121,200 130,000 65,000 235,600 $551,800 MARJORAM COMPANY Income Statement For the Year ended December 31, 2021 Sales $959,000 Cost of goods sold 507,400 Gross profit $451,600 Operating expenses 186,600 Operating income $265,000 Interest expense 14,300 Income before income tax $250,700 Income tax expense 75,210 Net income $175,490 Required: Compute the current ratio for Marjoram Company. (Round your answer to 2 decimal places.) Current ratio