10) The financial statements for Myers Service Company include the following items: 10) 2017 2016 I Cash Short-term Investments Net Accounts Receivable Merchandise Inventory Total Assets Accounts Payable Salaries Payable Long-term Note Payable $51,500 27,000 55,000 131,000 528,000 129,500 23,000 60,000 $49,000 13,500 52,000 47,000 553,000 124,000 19,000 60,000 Compute the acid-test ratio for 2016. (Round your answer to two decimal places) A) 0.71 B) 0.88 C) 0.92 D) 0.80 11) 11) A corporation has 4,000 shares, 10% preferred stock of $55.00 par preferred stock, and 8,000 shares of common stock outstanding. The net income for the year is $260,000. Calculate earnings per share. (Round your answer to the nearest cent.) A) $32.50 B) $65.00 C) $55.00 D) $29.75 12) Zebra, Inc. cost of goods sold for the year is $1,900,000, and the average merchandise inventory for 12) the year is $137,000. Calculate the inventory turnover ratio of the company. (Round your answer to two decimal places.) A) 6.93 times B) 9.28 times C) 7.21 times D) 13.87 times