Reference no: EM132477667

A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal):

Accounts payable                            $44,000,

Accounts receivable                          $49,500,

Capital stock                                    $100,000,

Cash                                                  $43,000,

Dividends                                              $10,000,

Interest expense                                      $4,000,

Interest payable                                        $4,700,

Inventory                                                  $32,000,

Prepaid expenses                                          $5,800,

Property, plant & equipment                             $123,000,

Retained earnings                                            $46,000,

Rent expense                                                   $18,000,

Revenues                                                          $101,000, and

Salary expense                                                     $60,000.

Question 1: The note payable balance is due in nine months. How much is Charlie's current ratio? (Round your answer to two decimal places.)