1.A partial list shows that Charles Corporation’s adjusted trial balance included the following items (all

account balances are normal):

Accounts payable $38,000, Accounts receivable $60,000, Capital stock $100,000, Cash $44,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $3,500, Inventory $32,000, Note payable $24,000, Prepaid expenses $5,600, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. The note payable balance is due in nine months. How much is Charlie’s current ratio? (Round your answer to two decimal places.)

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