Part A (10 marks): Multiple Choice Questions (each 1.25 mark) There are 8 Multiple Choice questions (1.25 mark each) based on the following Financial Statements for PDF Inc. Circle the letter of the correct answer for each of these 8 questions. Circling more than 1 choice in a question will result in zero marks awarded for that question. NOTE: Formulas are provided at the end of Part A for reference, if needed. Assets: Current assets: Cash December 31 2022 2021 $61,100 $54,000 Accounts receivable 22,500 17,500 Inventory 8,500 7,000 Other current assets 6,500 5,500 Total current assets 98,600 84,000 Long-term assets: Property, plant & equipment, net 744,900 25,000 Intangible assets 211,250 225,000 Total assets $1,054,750 $334,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable Interest payable Current portion of long-term debt Income tax payable Total current liabilities Long-term liabilities: Notes payable Total liabilities Shareholders' equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity Net sales Cost of goods sold Operating expenses Interest expense Gross profit Income from operations Income before taxes Income taxes Net income 1. What is the current ratio for 2021? a. 1.80 b. 1.93 c. 2.55 d. 3.00 $ 5,500 $ 4,500 500 500 15,000 0 18,500 23,000 39,500 28,000 246,250 15,000 285,750 43,000 676,500 221,000 92,500 70,000 769,000 291,000 $1,054,750 $334,000 For the Years Ended 2022 2021 $475,000 $387,500 240,000 200,000 235,000 187,500 170,000 138,500 65,000 49,000 26,000 1,750 39,000 47,250 15,000 18,500 24,000 28,750