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Question: Upton Company has current assets equal to $


Upton Company has current assets equal to $3,600,000. Of these, $1,100,000 is cash, $1,300,000 is accounts receivable, and the remainder is inventories. Current liabilities total $3,000,000.

Required:
Note: Round answers to two decimal places.
1. Compute the current ratio.
2. Compute the quick (acid-test) ratio.



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