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 acid-test ratio for Marjoram Company. (Round your answer to two decimal places.) Next Visit question mapQuestion 14 linked to 15 16 and 17 of 20 Total 14 15 16 17 of