The Jamesway Printing Corporation has current assets of $3.2 million. Of this total, $1.2 million is inventory, $0.5 million is cash, $1.0 million is accounts receivable, and the balance is marketable securities. Jamesway has $1.5 million in current liabilities. Round your answers to two decimal places.

1. What are the current and the quick ratios for Jamesway? Current ratio: x

   Quick ratio: x

2. If Jamesway takes $0.2 million in cash and pays off $0.2 million of current liabilities, what happens to its current and quick ratios? What happens to its real liquidity? New current ratio: x

   New quick ratio: x

3. If Jamesway sells $0.5 million of its accounts receivable to a bank and uses the proceeds to pay off short-term debt obligations, what happens to its current and quick ratios? New current ratio: x

   New quick ratio: x

4. If Jamesway sells $1.0 million in new stock and places the proceeds in marketable securities, what happens to its current and quick ratios? New current ratio: x

   New quick ratio: x