Refer to the data for Pettijohn Inc. What is the firm's quick ratio? * Pettijohn Inc. 10 P The balance sheet and income statement shown below are for Pettijohn Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over Balance Sheet (Millions of $) Assets Cash and securities Accounts receivable Inventories Total current assets Net plant and equipment Total assets Liabilities and Equity Accounts payable Notes payable Accruals Total current liabilities Long-term bonds Total liabilities Common stock Retained earnings 2016 $1,554.0 9,660.0 13.440.0 $24,654.0 17.346.0 $42.000.0 $ 7,980.0 Total common equity Total liabilities and equity Income Statement (Millions of S) Net sales Operating costs except depr'n Depreciation Earnings bef int and taxes (EBIT) Less interest Earnings before taxes (EBT) Taxes Net income 5,890.0 4.620.0 $18.480.0 10.920.0 $29,400,0 3,360.0 9.240.0 $12.600.0 $42.000.0 2016 $58.800.0 $55,274.0 $1.029.0 $ 2,497.0 1.050.0 $1,447,0 $314.0 Other data: Shares outstanding (millions) Common dividends Int rate on notes payable & L-T bonds Federal plus state income tax rate Year-end stock price 4 $1.133.0 175.00 $509.83 6.25% 21.7% $77.69 O 0.49 0.61 0.73 0.87 1.05