The Financial Statements for Stephens' Electric Company Include the Following

The financial statements for Stephens' Electric Company include the following items: $$\begin{array} { l r r } & 2019 & 2018 \\\text { Cash } & \$ 52,000 & \$ 51,000 \\\text { Cash Equivalents } & 21,500 & 12,000 \\\text { Net Accounts Receivable } & 24,000 & 35,000 \\\text { Merchandise Inventory } & 81,000 & 70,000 \\\text { Total Assets } & 529,000 & 550,000 \\\text { Accounts Payable } & 46,500 & 42,000 \\\text { Salaries Payable } & 21,000 & 19,000 \\\text { Long-term Note Payable } & 63,000 & 52,000 \\\text { Income From Operations } & 125,500 & 116,000 \\\text { Interest Expense } & 30,000 & 29,000\end{array}$$ Compute the 2018 cash ratio. (Round your answer to two decimal places.)

A) 1.03
B) 1.09
C) 1.50
D) 0.56