Question 7 2 pts The following information pertains to Lance Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. 12N Assets Cash and short-term investments $ 45,000 Accounts receivable (net) 25,000 Inventory 20,000 Property, plant and equipment 210.000 Total Assets $300,000 Liabilities and Stockholders' Equity Current liabilities $ 50,000 Long-term liabilities 90,000 Stockholders' equity-common 160.000 Total Liabilities and Stockholders' Equity $300.000 Liabilities and Stockholders' Equity Current liabilities $ 50,000 Long-term liabilities 90,000 Stockholders' equity-common 160,000 12N Total Liabilities and Stockholders' Equity $300,000 What is the current ratio for this company? 1. 1.30 2. 1.40 3. 1.80 4.0.64 O 0.64 1.30 O 1.80 O 1.40