The following items are reported on a company's balance sheet:

Line Item Description Amount

Cash $$230,000$

Marketable securities $50,000$

Accounts receivable $200,000$

Inventory $240,000$

Accounts payable $300,000$

Determine the $($a$)$ current ratio and $($b$)$ quick ratio. Round answers to one decimal place.

Line Item Description Ratio

a$.$ Current ratio

fill in the blank $1$

b$.$ Quick ratio

fill in the blank $2$