Casey communications recently issue new common stock and used the proceeds to pay off some of its short-term notes payable. This action had no effect on the company’s total assets or operation income. Which of the following effects would occur as a result of this action?a) The company’s current ratio increased. b) The company’s times interest earned ratio decreasedc) The company’s basic earning power ratio increasedd) The company’s equity multiplier increasede) The company’s debit ratio increased
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