The Crafter Company had the following assets and liabilities as of December 31, 2012:
ASSETS
Cash
$35,000
Accounts receivable
15,000
Inventory
30,000
Equipment
50,000
LIABILITIES
Current portion of long-term debt
10,000
Accounts payable
2,000
Long-term debt
25,000
Determine the quick ratio for the end of the year (rounded to one decimal point).