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The Statement of Financial Position for King Products Corporation for the fiscal years ended June 30, Year 2, and June 30, Year 1, is presented below. Net sales and cost of goods sold for the year ended June 30, Year 2, were $600,000 and $440,000, respectively. King Products Corporation Statement of Financial Position (in thousands) June 30 Year 2 Year 1 60 Cash Marketable securities (at market) Accounts receivable (net) Inventories (at lower of cost or market) Prepaid items Total current assets Long-term investments (at cost) Land (at cost) Building (net) Equipment (net) Patents (net) Goodwill (net) Total long-term assets Total assets $1.000 Notes payable Accounts payable Accrued interest Total current liabilities 38389) *38R03819 AL EN 19 1998 1999 HAE 20 50 Notes payable, 10% Bonds payable, 12% Total long-term debt Total liabilities Preferred stock5% cumulative, $100 par, non- participating, authorized, issued and outstanding, 2,000 shares Common stock-$10 par, 40,000 shares authorized, 30,000 shares issued and outstanding Additional paid-in capital-common Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 200 300 150 100 750 $910 $1.000 King Products Corporation's quick (acid test) ratio at June 30, Year 2, was