Phillips, Inc What Is the Cash Ratio as of December 31, 2019

Multiple Choice

Phillips, Inc. had the following financial data for the year ended December 31, 2019. $$\begin{array} { | l | r | } \hline \text { Cash } & \$ 44,000 \\\hline \text { Cash equivalents } & 79,000 \\\hline \text { Long term investments } & 55,000 \\\hline \text { Total current liabilities } & 145,000 \\\hline\end{array}$$ What is the cash ratio as of December 31, 2019, for Phillips, Inc.? (Round your answer to two decimal
Places.)

A) 0.30
B) 0.38
C) 0.49
D) 0.85