The Crafter Company Has the Following Assets and Liabilities Determine the Quick Ratio (Rounded to One Decimal Point)

Multiple Choice

The Crafter Company has the following assets and liabilities:

$\begin{array}{|c|c|}\hline{\text { ASSETS }} & \\\hline \text { Cash } & \$ 28,000 \\\hline \text { Accounts receivable } & 15,000 \\\hline \text { Inventory } & 20,000 \\\hline \text { Equipment } & 50,000 \\\hline\\\hline {\text { LIABILITIES }} & \\\hline \text { Current portion of long-term debt } & 10,000 \\\hline \text { Accounts payable } & 2,000 \\\hline \text { Long-term debt } & 25,000 \\\hline\end{array}$

Determine the quick ratio (rounded to one decimal point) .

A) 5.3
B) 3.6
C) 3.3
D) 2.3