Selected financial data from Lead Company is provided below.

Cash $$74,000$

Accounts Receivable $$233,000$

Merchandise Inventory $$265,000$

Short$-$Term Investments $$47,000$

Land and Building $$520,000$

Current Portion of Long$-$Term Debt $$39,000$

Accounts Payable $$111,000$

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 $2\mathrm{.}12$ shows that the company is likely to meet its short$-$term cash obligations.

Answer