Please show steps as to how ratios were obtained.

The following amounts were reported by Liquid Company in its most recent statement of financial position: Cash Accounts receivable (net) Short-term investments Inventory Prepaid insurance Property, plant, and equipment (net) Accounts payable Wages payable Income tax payable Sales tax payable Notes payable (due within one year) Bank loan payable (due in three years) $41,290 130,000 28,000 390,000 46,800 960,000 93,000 37,000 50,000 10,000 83,000 50,000 (a) Calculate the current ratio and quick ratio for Liquid Company. (Round answers to 2 decimal places, e.g. 15.25.) Current ratio 1.85 Quick ratio 0.25