The Following Items Are Reported on Denver Company's Balance Sheet

Essay

The following items are reported on Denver Company's balance sheet:?? $$\begin{array} { l r } \text { Cash } & \$ 190,000 \\\text { Marketable securities } & 160,000 \\\text { Accounts receivable (net) } & 240,000 \\\text { Inventory } & 350,000 \\\text { Accounts payable } & 600,000\end{array}$$ Determine the (a) current ratio and (b) quick ratio. Round your answers to one decimal place.