Practice Multiple Choice Problems (Chapters 4-10 (excl. 7)) 109] The Coffee Grinding Company reported the following Grinding Company reported the following asset and liability balances at the end of 2012 and 2013. 2012 2013 Assets $250,000 $500,000 Liabilities $120,000 $180,000 During 2013, dividends of $10.000 were declared and paid. Additional common shares were issued for $50,000 and additional preferred shares for $80,000. Net income for 2013, must have been: sok to kolo b. c. d. $200,000 $ 70,000 $150,000 S 60,000 Suviuw 28. Kelly Corporation presently has current assets totaling $300,000 and a current ratio of 2.5 to 1. Compute the current ratio immediately after the Kelly pays $30,000 of its accounts payable. CR: h =2.5 a. 3 to 1 b. 3.33 to 1 c. 2.2 to 1 d. 2.5 to 1 Izviuw quiuw 39. Following is the shareholders' equity section of the balance sheet of the Proteck. Corporation: Shareholders' equity: Common shares, 100,000 shares authorized, 65,000 shares issued Retained earnings Total shareholders' equity $650,000 349,000 $999.000 The common shares are currently selling for $15.50 per share. The number of common shares authorized and issued after the distribution of a 15% common stock dividend is: a. 100,000 and 74,750 b. 115,000 and 65,000 c. 115,000 and 74,750 d. 100,000 and 65,000 37. Following is the shareholders' equity section of the balance sheet of the Everslim Company: $400,000 -> - 100 Share capital: Preferred shares, 420,000 shares authorized, 4,000 shares of $1.50 preferred issued Common shares, 100,000 shares authorized, 30,000 shares issued Total share capital Retained earnings Total shareholders' equity - 5 $150,000 $550,000 $267,000 $817.000 The preferred shares are currently selling for $102.25 per share and the common shares are currently selling for $11.50 per share. The total share capitatafter the distribution of a $66,000 cash dividend is: 102.28x quy 11 x Zrogo +267.vw-66,uw a. $400,000 b. $550,000 c. $150,000 - 950w ? d. $817,000 784uw 2.25* 4uw 6.5. Zuvou