Reference no: EM132251628
Questions -
Q1. At fiscal year end, December 31, 2018, Somerset Corporation had total stockholders' equity of $3,500,000. On FY 2018 year end, Somerset Corporation had Common Stock account of $1,650,000 of $10 par value common stock and Preferred Stock account of $250,000 of $100 par value. There was no treasury stock. The preferred stock was noncumulative and had a call price of $102. Use this information to determine the book value per share of Common Stock as of end of the FY 2018: (Round your answer to the nearest penny.)
Q2. 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 $35,000 $24,000
Accounts Receivable 56,000 52,000
Inventory 40,000 34,000
Current Liabilities 76,000 42,000
Net Sales (all credit) 550,000 485,000
Cost of Goods Sold 310,000 265,000
Use this information to determine the number of days in inventory for 2018: (Use a 365 day year. Round & enter your answers to one decimal place and enter the value.)
Q3. 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 25,000 $24,000
Accounts Receivable 56,000 52,000
Inventory 44,000 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.)