Question
The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal): Item/Account 2018 2017 Cash
The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal):
| Item/Account | 2018 | 2017 |
| Cash | 31,000 | $24,000 |
| Accounts Receivable | 58,000 | 52,000 |
| Inventory | 57,000 | 48,000 |
| Current Liabilities | 93,000 | 42,000 |
| Net Sales (all credit) | 550,000 | 485,000 |
| Cost of Goods Sold | 288,000 | 265,000 |
Use this information to determine the number of current ratio as of December 31, 2018: (Round & enter your answers to one decimal place and enter the value.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Survey of Accounting
Authors: Carl S. Warren
7th edition
1285974360, 1285183487, 9781285974361, 978-1285183480
