Final answer:
Norris Manufacturing's current ratio of 1.3:1, compared to the industry standard of 2.5:1, suggests that the company has less liquidity and may struggle to meet short-term obligations as effectively as its peers.
Step-by-step explanation:
If Norris Manufacturing has a current ratio of 1.3:1 and the industry standard is 2.5:1, this indicates that Norris may have less liquidity than other companies in the same industry. A current ratio measures a company's ability to pay short-term obligations with its short-term assets. A higher current ratio generally indicates better short-term financial health. With Norris' current ratio being lower than the industry standard, it may suggest that the company could face challenges in meeting its short-term liabilities promptly compared to its peers.