1. The following information pertains to Tanzi 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	$38,446
   Accounts receivable (net)	25,630
   Inventory	27,979
   Property, plant and equipment	280,511
   Total Assets	$372,566
   Liabilities and Stockholders' Equity
   Current liabilities	$64,364
   Long-term liabilities	88,526
   Stockholders' equity-common	219,676
   Total Liabilities and stockholders' equity	$372,566
   Income Statement
   Sales	$85,063
   Cost of goods sold	38,278
   Gross margin	$46,785
   Operating expenses	22,485
   Net income	$24,300
   Number of shares of common stock	6,671
   Market price of common stock	$29

   What is the current ratio for this company? Round your answer to two decimal places.

   Select the correct answer.

   1.43

   0.60

   1.00

   2.22