The Manning Company has $1,365,000 in current assets and $525,000 in current liabilities. Its initial inventory level is $262,500, and it will raise funds as additional notes payable and use them to increase inventory.How much can Manning’s short-term debt (notes payable) increase without pushing its current ratio below 2.2? Round your answer to the nearest cent.What will be the firm’s quick ratio after Manning’s has raised the maximum amount of short-term funds? Round your answer to two decimal places.
Firm’s quick ratio
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