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: Fermalas are provided at the end of Part A for reference, needed Assets December 31 Current assets 2022 2021 Cash $61,100 Accounts receivable $54,000 22,500 Inventory 17,500 Other current assets 8,500 7,000 6.500 Total current assets 5.500 98,600 Long-term assets: $4,000 Property, plant & equipment, net 744,900 Intangible assets 25,000 211.250 Total assets 225.000 $1.054.750 $334.000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $5,500 Interest payable 500 $4,500 500 Current portion of long-term debt 15,000 0 Income tax payable 18.500 23.000 Total current liabilities 39,500 28,000 Long-term liabilities: Notes payable 246.250 15.000 Total liabilities Shareholders' equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 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 Operating expenses Interest expense Net sales Cost of goods sold Gross profit Income from operations Income before taxes Income taxes Net income $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 1. What is the current ratio for 2021? a. 1.80 b. 1.93 2.55 d. 3.00