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$[$The following information applies to the questions displayed below.$]$

The following information applies to Markham Company:

Assets

Cash $ $8,600$

Accounts receivable $19,500$

Inventory $22,500$

Plant and equipment, net $27,500$

Land $25,500$

Total assets $$103,600$

Liabilities and stockholders' equity

Accounts payable $ $11,500$

Salaries payable $16,500$

Bonds payable $($due after $3$ years$)18,500$

Capital stock, no par $29,500$

Retained earnings $27,600$

Total liabilities and stockholders' equity $$103,600$

Additional information: Net credit sales equal $$350,000$ and beginning accounts receivable were $$24,000.$

Required:

$($a$)$ Compute Markham's quick ratio.

Note: Round your answer to two decimal places.Required information

$[$The following information applies to the questions displayed below.$]$

The following information applies to Markham Company:

Additional information: Net credit sales equal $$350,000$ and beginning accounts receivable were $$24,000.$

Required:

$($a$)$ Compute Markham's quick ratio.

Note: Round your answer to two decimal places.