The following balances and amounts were taken from the financial statements of Fremont, Inc. The items are presented in alphabetical order. Accounts payable Accounts receivable Average total assets Cash Gross profit Net sales Other current liabilities Net income Salaries payable Shareholders' equity $45,000 47,500 310,000 120,000 200,000 600,000 14,000 24,000 6,000 150,000 The current ratio is O 2.5:1 O 3.3:1 3.4:1 O 2.6:1