Required information [The following information applies to the questions displayed below.] The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Sheet At December 31, 2018 Cash $ 27,500 Nontrade receivable due August 15, 2019 46,000 Accounts receivable (net) 51,800 Merchandise inventory 75,700 Property, plant, and equipment (net) 335,000 Intangible assets 15,800 Total assets $ 551,800 Current liabilities $ 121,200 11% Bonds payable, long-term 130,000 Paid-in capital 65,000 Retained earnings 235,600 Total liabilities and equity $ 551,800 MARJORAM COMPANY Income Statement For the Year ended December 31, 2018 Sales $ 959,000 Cost of goods sold 507,400 Gross profit $ 451,600 Operating expenses 186,600 Operating income $ 265,000 Interest expense 14,300 Income before income taxes $ 250,700 Income taxes 75,210 Net income $ 175,490 Required: Compute the current ratio for Marjoram Company. (Round your answer to two decimal places.) Required information [The following information applies to the questions displayed below.] The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Sheet At December 31, 2018 Cash $ 27,500 Nontrade receivable due August 15, 2019 46,000 Accounts receivable (net) 51,800 Merchandise inventory 75,700 Property, plant, and equipment (net) 335,000 Intangible assets 15,800 Total assets $ 551,800 Current liabilities $ 121,200 11% Bonds payable, long-term 130,000 Paid-in capital 65,000 Retained earnings 235,600 Total liabilities and equity $ 551,800 MARJORAM COMPANY Income Statement For the Year ended December 31, 2018 Sales $ 959,000 Cost of goods sold 507,400 Gross profit $ 451,600 Operating expenses 186,600 Operating income $ 265,000 Interest expense 14,300 Income before income taxes $ 250,700 Income taxes 75,210 Net income $ 175,490 Required: Compute the current ratio for Marjoram Company. (Round your answer to two decimal places.)