Cornerstone Co. Balance Sheet Accounts 12/31/18 $2,100 392 128 500 250 12/31/17 Bonds Payable $2,100 Cash 400 Accounts Receivable 145 Preferred Stock 500 Accounts Payable 244 Land 3,285 Common Stock 1,200 Inventory 480 Retained Earnings 320 Unearned Rent Revenue (to be earned in 2 months) 40 Prepaid Insurance (3-month policy) 114 Taxes Payable 20 3,285 1,200 520 400 28 173 20 Cornerstone Co. Income Statement Accounts For Year Ended 12/31/18 $60 32 1,500 Insurance Expense Interest Expense Cost of Goods Sold Rent Revenue Net Sales Revenue Tax Expense 25 2,000 27 $60 32 1,500 Insurance Expense Interest Expense Cost of Goods Sold Rent Revenue Net Sales Revenue Tax Expense 25 2,000 27 Other Information $40 2018 Dividends to Common Shareholders 2018 Dividends to Preferred Shareholders 2018 Common Shares outstanding 2018 Preferred Shares outstanding 2018 Stock Price $200 100sh 50sh $100 All Sales on credit Note: Use the Cornerstone Co. data and the Reference Sheet to assist you in answering the question. What is 2018 Earnings per Share? Select one: a. $2.06 b. $1.66 c. $4.12 O d. $4.06 e. $3.56 Cornerstone Co. Balance Sheet Accounts 12/31/18 $2,100 392 128 500 250 12/11/17 Bonds Payable $2,100 Cash 400 Accounts Receivable 145 Preferred Stock 500 Accounts Payable 244 Land 3,285 Common Stock 1,200 Inventory 480 Retained Earnings 320 Unearned Rent Revenue (to be earned in 2 months) 40 Prepaid Insurance (3-month policy) 114 Taxes Payable 20 3,285 1,200 520 400 28 173 20 Cornerstone Co. Income Statement Accounts For Year Ended 12/31/18 $60 32 1,500 Insurance Expense Interest Expense Cost of Goods Sold Rent Revenue Net Sales Revenue Tax Expense 25 2,000 27 Other Information $40 2018 Dividends to Common Shareholders 2018 Dividends to Preferred Shareholders 2018 Common Shares outstanding 2018 Preferred Shares outstanding 2018 Stock Price $200 100sh 50sh $100 All Sales on credit What is the 2018 Gross Profit Ratio? Select one: a. 75% O b. 25% C. 50% d. 20% o e. 27% Which transaction will affect the total of Current Liabilities? Select one: a. Payment of Account Payable Accrual of Wage Expense No Yes b. Payment of Account Payable Accrual of Wage Expense No No C. Payment of Account Payable Accrual of Wage Expense Yes Yes d. Payment of Account Payable Accrual of Wage Expense Yes No On October 31, 2021, the Nehra Company pays $9,000 cash for rent through 3/31/22. The balance in prepaid rent on the 12/31/21 Balance Sheet will be: Select one: a $4,500 b. $5,400 c. $1,800 d. $3,000 e. $3,600