Question
In: Accounting
The following financial information isfor Chesapeake Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal):
The following financial information isfor Chesapeake Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal):
Item/Account | 2018 | 2017 |
Cash | 25,000 | $24,000 |
Accounts Receivable | 55,000 | 52,000 |
Inventory | 44,000 | 48,000 |
Current Liabilities | 85,000 | 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.)
Solutions
Expert Solution
answer 1.5 times
current ratio=current asset/current liabilities
normally current asset included cash or cash equivalents,inventory,accounts recievable,prepaid liabilities etc..
here, current assets=cash+inventory+accounts recievable
current assets for 2018=$25000+$44000+$55000=$124000
normally current liabilities include accounts payable,short term debts,dividends etc..
current liabilities for 2018=$85000
current ratio=$124000/$85000=1.5 times
ekkarill92 answered 2 years agoRelated Solutions
The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 &...
The following financial information is for Annapolis Corporation
are for the fiscal years ending 2019 & 2018 (all balances are
normal): Item/Account 2019 2018 Accounts Receivable $44,000 $36,000
Inventory 42,000 38,000 Net Sales (all credit) 300,000 350,000 Cost
of Goods Sold 154,000 152,000 Net Income 27,200 24,800 Use this
information to determine the accounts receivable average collection
period for FY 2019. (Use 365 day year. Round your answers to one
decimal place.)
The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 &...
The following financial information is for Annapolis
Corporation are for the fiscal years ending 2019 & 2018 (all
balances are normal):
Item/Account
2019
2018
Accounts Receivable
$40,000
$38,000
Inventory
42,000
38,000
Net Sales (all credit)
420,000
350,000
Cost of Goods Sold
154,000
152,000
Net Income
27,200
24,800
Use this information to determine the accounts
receivable average collection period for FY 2019. (Use 365 day
year. Round your answers to one decimal place.)
Better Burgers reported the following numbers (in millions) for the years ending February 2017 and 2018....
Better Burgers reported the following numbers (in millions) for
the years ending February 2017 and 2018.
2017
2018
Net income
$
1,487
Dividends
212
Total assets
$
13,650
12,838
Total equity
6,281
4,564
What are the internal and sustainable growth rates? (Do
not round intermediate calculations and enter your answers as a
percent rounded to 2 decimal places, e.g., 32.16.)
What are the internal and sustainable growth rates using ROE ×
b and ROA × b and the end of...
Selected financial information for the Adelphi Company for the fiscal years ended December 31, 2018 and...
Selected financial information for the Adelphi Company
for the fiscal years ended December 31, 2018 and 2017 follows.
Prepare a cash flow statement using the indirect method. Properly
title the statement.
2018
2017
Cash balance
$113,500
$37,500
Net income
142,500
162,000
Depreciation Expense
42,000
35,000
Purchase of Plant Assets
135,000
125,000
Disposal of Plant Assets
40,000
50,000
Gain (Loss) on Disposal of Plant Assets
(10,000)
5,000
Accounts Receivable Balance
64,500
58,000
Accounts Payable Balance
42,000
39,000
Interest Expense
8,000
6,000...
Selected financial information for the Adelphi Company for the fiscal years ended December 31, 2018 and...
Selected financial information for the Adelphi Company
for the fiscal years ended December 31, 2018 and 2017 follows.
Prepare a cash flow statement using the indirect method. Properly
title the statement.
2018
2017
Cash balance
$113,500
$37,500
Net income
142,500
162,000
Depreciation Expense
42,000
35,000
Purchase of Plant Assets
135,000
125,000
Disposal of Plant Assets
40,000
50,000
Gain (Loss) on Disposal of Plant Assets
(10,000)
5,000
Accounts Receivable Balance
64,500
58,000
Accounts Payable Balance
42,000
39,000
Interest Expense
8,000
6,000...
Selected financial information for the Adelphi Company for the fiscal years ended December 31, 2018 and...
Selected financial information for the Adelphi Company
for the fiscal years ended December 31, 2018 and 2017 follows.
Prepare a cash flow statement using the indirect method. Properly
title the statement.
2018
2017
Cash balance
$113,500
$37,500
Net income
142,500
162,000
Depreciation Expense
42,000
35,000
Purchase of Plant Assets
135,000
125,000
Disposal of Plant Assets
40,000
50,000
Gain (Loss) on Disposal of Plant Assets
(10,000)
5,000
Accounts Receivable Balance
64,500
58,000
Accounts Payable Balance
42,000
39,000
Interest Expense
8,000
6,000...
Selected financial information for the Adelphi Company for the fiscal years ended December 31, 2018 and...
Selected financial information for the Adelphi Company for the
fiscal years ended December 31, 2018 and 2017 follows. Prepare a
cash flow statement using the indirect method. Properly title the
statement.
2017
2018
Net income
$142,500
$162,000
Depreciation Expense
42,000
35,000
Purchase of Plant Assets
135,000
125,000
Disposal of Plant Assets
40,000
50,000
Gain (Loss) on Disposal of Plant Assets
(10,000)
5,000
Accounts Receivable Balance
64,500
58,000
Accounts Payable Balance
42,000
39,000
Interest Expense
8,000
6,000
Income Taxes Paid
35,000...
Selected financial information for the Adelphi Company for the fiscal years ended December 31, 2018 and...
Selected financial information for the Adelphi Company
for the fiscal years ended December 31, 2018 and 2017 follows.
Prepare a cash flow statement using the indirect method. Properly
title the statement.
2018
2017
Net income
$142,500
$162,000
Depreciation Expense
42,000
35,000
Purchase of Plant Assets
135,000
125,000
Disposal of Plant Assets
40,000
50,000
Gain (Loss) on Disposal of Plant Assets
(10,000)
5,000
Accounts Receivable Balance
64,500
58,000
Accounts Payable Balance
42,000
39,000
Interest Expense
8,000
6,000
Income Taxes Paid
35,000...
Financial statement information is provided for the three years ending December 31, 2015, 2016 and 2017....
Financial statement information is provided for the three years
ending December 31, 2015, 2016 and 2017.
2017
2016
2015
Cash
$443,550
$355,750
$142,800
Accounts Receivable
$59,600
$62,500
$58,400
Merchandise Inventory
$87,000
$90,100
$85,000
Prepaid Expenses
$6,400
$5,800
$5,800
Notes Receivable, due in 2018
$5,000
$5,500
$5,000
Property, Plant & Equipment
$580,175
$518,525
$528,950
Accumulated Depreciation
$114,175
$96,525
$97,950
Accounts Payable
$16,900
$17,800
$15,000
Unearned Sales
$6,100
$6,500
$7,400
Notes Payable, due in 2017
$119,000
$126,000
$124,000
I.C. Rhodes, Capital
$1,075,550...
Preparing Financial statements Rockeagle Corrporation began fiscal year 2018 with the following balances in its inventory....
Preparing Financial statements
Rockeagle Corrporation began fiscal year 2018 with the following
balances in its inventory.
Raw Materirals. $30,000
Work in Process. $45,000
Finsished Goods. $14,000
During the accounting period, Rockeagle purchased 125,000 of raw
materials and issued 124,000 of materials to the production
department. Direct labor costs for the period amounted to 162,000,
and manufacturing overhead of 24,000 was applied to work in process
inventory. Assumed that there was no over or underapplied overhaed.
Goods costing 306,000 to produce...
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