16. Also, 3T Corporation reported on its income statement a net income of $54,000 for the year ended December before considering the following: a. During the year, the company purchased available-for-sale securities b. At year end, the fair value of the investment portfolio was $5,200 more than the cost c. The balance of Retained Earnings was $625,000; d. 3 T Corporation paid $12,500 in cash dividends during the year. Now, using the above data, also calculate the balance of Retained Earnings on Dec 31. 17. Selfridges, an upscale London retailer, has a current ratio of 2.2. Which of the following transactions will cause the ratio to increase? a. When Selfridges declares a 20% dividend on its stock b. When it purchases merchandise c. When it pays off a creditor d. When it receives cash from sale of fixed assets e. None of the above. 18. What is the numerator in calculating the accounts receivable turnover? a. Total Assets b. Sales c. Accounts Receivable at year end d. Average Accounts Receivable e. None of the above