Selected financial data from Crew Company is provided below.

Cash $$61,000$

Accounts Receivable $$217,000$

Inventory $$251,000$

Short$-$Term Investments $$42,000$

Land and Building $$539,000$

Current Portion of Long$-$Term Debt $$22,000$

Accounts Payable $$126,000$

a$)$ Calculate the quick ratio.

Do not enter dollar signs or commas in the input boxes.

Round your answer to $2$ decimal places.

Quick Ratio $=$ Answer

b$)$ True or False? A quick ratio of $2\mathrm{.}32$ shows that the company is likely to meet its short$-$term cash obligations.

Answer