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Honest Joe has the following balance sheet and income statement Balance Sheet Income Statement Assets Cash $250,000 Sales (all credit) $8,000,000 Cost of goods Accounts receivable 450,000 sold (4,000,000) Operating Inventory 500,000 expense (2,900,000) Net fixed assets 2,100,000 Interest expense (150,000) Total assets $3,300,000 Income taxes (380,000) Net income $570,000 Liabilities and owners' equity Accounts payable $100.000 Notes payable (due in 6 months) 450,000 Long-term debt 1,050,000 1,700,000 Owners' Equity Total liabilities and owner's equity $3,300,000 Calculate the current ratio based on above data. Multiple Choice O 7