The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Sheet At December 31, 2021 Cash Notes receivable (due August 15, 2022) Accounts receivable (net) Merchandise inventory $ 26,000 43,000 51,200 74,800 Property, plant, and equipment (net) 320,000 Intangible assets 15,200 Total assets $530,200 Current liabilities $120,600 Bonds payable (11%) (long-term) 115,000 Common stock Retained earnings Total liabilities and equity 62,000 232,600 $530,200 MARJORAM COMPANY Income Statement For the Year ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense Income before income tax Income tax expense Net income Required: $914,000 492,400 $421,600 183,000 $238,600 12,650 $225,950 67,785 $158,165 Compute the acid-test ratio for Marjoram Company. (Round your answer to 2 decimal places.) Acid-test ratio