The following data are taken from the balance sheet at the end of the current year. Determine the (a) working capital, (b) current ratio, and (c) quick ratio. Please show steps for answers. Round to the nearest tenth.
Accounts payable - $245,000
Accounts Receivable - $210,000
Accrued Liabilities - $4,000
Cash - $114,000
Income tax payable - $10,000
Inventory - $240,000
Temporary Investments - $350,000
Notes payable, short-term - $85,000
Prepaid expenses - $15,000
Property, plant, and equipment - $375,000