Task1. Triton Beverage has the following historical balance sheet:

Cash:                                                           $20
Account Rec                                                 $240
Inventory                                                     $320
Total current assets                                       $580
Net Plant and equipment:                                $420
Total assets:                                              $1,000
Accounts payable:                                         $200
Notes payable:                                              $130
Accruals:                                                       $30
Current liabs                                                 $360
Long term bonds                                           $260
Common Stock                                             $270
Retained Earnings                                         $110
Total liab and equity:                                   1,000

Over the next year Triton’s currents assets, accounts payable, and accruals will grow in proportion to sales. Last year's sales were $800 and this year's sales are anticipated to rise by 40%. The firm will retain $58 in earnings to fund current asset growth, and the rest of the raise will be funded entirely with notes payable. The net plant and equipment account will rise to $500 and will be funded directly by a new equity issue. What will Triton’s new current ratio be after alters in the firm's financial picture are complete?

1. Please describe (display) and show the steps to your solution.