Garrett Company had current assets and current liabilities as follows:
Current Assets:
Cash...................................$50,000
Accounts Receivable.................... 75,000
Inventory.............................. 125,000
Current Liabilities:
Accrued Expenses.......................$25,000
Accounts Payable....................... 110,000
Current Portion Of Long-term debt...... 45,000
Calculate the current and quick ratios using the information provided.