The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Sheet At December 31, 2018 Nontrade receivable due August 15, 2019 Accounts receivable (net) Merchandise inventory Property, plant, and equipment (net) Intangible assets Total assets Current liabilities 10% Bonds payable, long-term Paid-in capital Retained earnings Total liabilities and equity $ 27,000 45,000 51,600 75,400 330,000 15,600 $544,600 $121,000 125,000 64,000 234,600 $544,600 MARJORAM COMPANY Income Statement For the Year ended December 31, 2018 Sales $944,000 Cost of goods sold 502,400 Gross profit $441,600 Operating expenses 185,400 Operating income $256,200 Interest expense 12,500 Income before income taxes $243,700 Income taxes 73,110 Net income $170,590 Problem 3-99 Required: Compute the acid-test ratio for Marjoram Company. (Round your answer to two decimal places.)