Question

The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 &...

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

22,000

$24,000

Accounts Receivable

52,000

52,000

Inventory

49,000

48,000

Current Liabilities

68,000

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.)

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Answer #1
Current Assets
Cash $             22,000
Account Receivables $             52,000
Inevntory $             49,000
Total $         1,23,000
Current Ratio = Current Assets / Current Liabilities
= $123000/68000
=1.8 times
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