Canadian Bacon Inc. financial statements are presented in the table below. Based on the information in the table, calculate the firm's current ratio....

Canadian Bacon Inc. financial statements are presented in the table below.

 Based on the information in the table, calculate the firm's current ratio.

Round the answers to two decimal places

Balance Sheet December 31, 2012

Cash and marketable securities$198,000Accounts payable $288,000

Accounts receivable$469,000Notes payable$65,000

Inventories$577,000Accrued expenses$84,000

Prepaid expenses$15,700Total current liabilities$437,000

Total current assets$1,259,700Long-term debt$237,000

Gross fixed assets$1,954,000Par value and paid-in-capital$199,000

Less: accumulated depreciation$476,000Retained Earnings$1,864,700

Net fixed assets $1,478,000Common Equity2,063,700

Total assets$2,737,700Total liabilities and owner's equity$2,737,700

Income Statement, Year of 2012

Net sales (all credit)$7,546,600.00

Less: Cost of goods sold$6,112,746.00

Selling and administrative expenses$349,000.00

Depreciation expense$145,000.00

EBIT$939,854.00

Interest expense$49,500.00

Earnings before taxes$890,354.00

Income taxes$356,141.60

Net income $534,212.40

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