The following information pertains to Jones Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.

Assets

Cash and short-term investments 80,000

Accounts receivable (net) 30,000

Inventory 26,000

Property, plant, and equipment 300,000

Total assets 436,000

Liability and Stockholders Equity

Current liabilities 81,000

Long-term liabilities 100,000

Stockholders equity common 255,000

Total Liabilities and Stockholders Equity 436,000

Income Statement

Sales 230,000

Cost of goods sold 110,000

Gross profit 120,000

Operating Expenses 80,000

Net Income 40,000

Number of shares of common stock 17,000

Market price of common stock $13

Dividends per share .38

What is the current ratio?