7 ) Allen Lumber Company had earnings after taxes of $750,000 in the year 2015 with 300,000 shares outstanding on December 31, 2015. On January 1, 2016, the firm issued 50,000 new shares. The company took the proceeds from these new shares as well as other operating improvements and earned $937,500 earnings after taxes in 2016. Earnings per share for the year 2016 were

A) $2.14.

B) $2.68.

C) $3.13.

D) None of the options.

8 ) Asset accounts on the balance sheet are listed in order of

A) liquidity.

B) profitability.

C) dollar amount.

D) importance.

9 ) How many of the following items are found on the balance sheet, rather than the income statement?

Accounts receivable

Retained earnings

Income tax expense

Accrued payable

Cash

Selling and administrative expenses

Plant and equipment

Operating expense

Marketable securities

Interest expense

A) Three of these items are found on the balance sheet.

B) Four of these items are found on the balance sheet.

C) Five of these items are found on the balance sheet.

D) Six of these items are found on the balance sheet.