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 Property, plant, and equipment (net) Intangible assets Total assets Current liabilities Bonds payable(10%) (long-term) Common stock Retained earnings Total liabilities and equity $ 28,500 48,000 52,200 76,300 345,000 16,200 $566,200 $121,600 140,000 67,000 237,600 $566,200 MARJORAM COMPANY Income Statement For the Year ended December 31, 2021 Sales $989,000 Cost of goods sold 517,400 Gross profit $471,600 Operating expenses 189,000 Operating income $282,600 Interest expense 14,000 Income before income tax $268,600 Income tax expense 80,580 Net income $ 188,020 Required: Compute the acid-test ratio for Marjoram Company. (Round your answer to 2 decimal places.) Acid-test ratio