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 3 years agoRelated Solutions
The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 &...
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decimal place.)
The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 &...
The following financial information is for Annapolis
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balances are normal):
Item/Account
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2018
Accounts Receivable
$40,000
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Inventory
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Net Sales (all credit)
420,000
350,000
Cost of Goods Sold
154,000
152,000
Net Income
27,200
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On January 1, 2018, Cardi Corp. had the following balances (all balances are normal): Accounts Amount...
On January 1, 2018, Cardi Corp. had the following balances (all
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Accounts
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Preferred Stock, ($100 par value, 4% noncumulative, 50,000
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Common Stock ($5 par value, 200,000 shares authorized, 100,000
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Paid-in Capital in Excess of par, Common
200,000
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The following events occurred during 2018:
On January 1, Cardi Corp. declared a 3% stock dividend on its
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Better Burgers reported the following numbers (in millions) for the years ending February 2017 and 2018....
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Net income
$
1,487
Dividends
212
Total assets
$
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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
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What are the internal and sustainable growth rates using ROE ×
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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
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Depreciation Expense
42,000
35,000
Purchase of Plant Assets
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125,000
Disposal of Plant Assets
40,000
50,000
Gain (Loss) on Disposal of Plant Assets
(10,000)
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64,500
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Interest Expense
8,000
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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
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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
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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
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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
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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
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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...
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