Presented below is selected data from the financial statements of Morgan Corporation for the current and prior year: 12/31/X2 12/31/X1 Current assets $430,000 $220,000 Total assets $2,500,000 $1,950,000 Current liabilities $210,000 $180,000 Total stockholders' equity $1,290,000 $770,000 Net sales $4,800,000 $3,900,000 Cost of Goods Sold $3,200,000 $2,690,000 Wages expense $973,000 $869,000 Supplies expense $60,000 $50,000 Depreciation expense $35,000 $32,000 Interest expense $12,000 $9,000 Net income $520,000 $250,000 All sales are made on account. Calculate the current ratio for 20X2. (Round your answer to 2 decimal places. Example 5.80)

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing t…