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Check My Work (3 remaining) Lloyd Inc. has sales of $700,000, a net income of $35,000, and the following balance sheet: without affecting sales or net income. If inventories are sold and not replaced (thus reducing the current ratio to 2x; if the funds generated are used to reduce common equity (stock can be repurchased at book value); and if no other changes occur, by how much the ROE not round intermediate calculations. Round your answer to two decimal places. % What will be the firm's new quick ratio? Do not round intermediate calculations. Round your answer to two decimal places