Phillips Company Had the Following Financial Data for the Year

Multiple Choice

Phillips Company had the following financial data for the year ended December 31,2019. $$\begin{array} { | l | r | } \hline \text { Cash } & \$ 42,000 \\\hline \text { Cash equivalents } & 80,000 \\\hline \text { Long term investments } & 55,000 \\\hline \text { Total current liabilities } & 148,000 \\\hline\end{array}$$ What is the cash ratio as of December 31,2019,for Phillips Company? (Round your answer to two decimal places.)

A) 0.28
B) 0.37
C) 0.45
D) 0.82