The financial statements for Stephens' Electric Company include the following items: 2017 2016 Cash $57.000 $50,000 Cash Equivalents 17.500 19,000 Net Accounts Receivable 22,000 36,000 Merchandise Inventory 76,000 72,000 Total Assets 525,000 552.000 Accounts Payable 42.500 33.000 Salaries Payable 16,000 18.000 Long-term Note Payable 57.000 56,000 Income From Operations 127.500 114,000 Interest Expense 27.000 33,000 Compute the 2016 cash ratio. (Round your answer to two decimal places.) 0.64 1.27 135