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TXM Inc. has $ 1 0 , 0 0 0 in current liabilities and $ 2 8 , 0 0 0 in current assets. Its

TXM Inc. has $10,000 in current liabilities and $28,000 in current assets. Its initial
inventory level is $6,000; and it will rise funds as additional notes payable and use
them to increase inventory. TXM's wants to rise the maximum amount of funds (in
the form of short-term debt, notes payable) that will make its current ratio be exactly
1.3.
What will be the firm's quick ratio after TXM's has raised the maximum amount of
short-term funds? For your answer, round to the nearest 0.01
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