Garrett Company had current assets and current liabilities as follows:
Current assets: |
|
Cash | $50.000 |
Accounts receivable | 75,000 |
Inventory | 125,000 |
Current liabilities: |
|
Accrued expenses | $ 25,000 |
Accounts payable | 110,000 |
Current portion of long-term debt | 45,000 |
Calculate the current and quick ratios using the information provided.
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