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Determine the number of current ratio as of December

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Reference no: EM132513567

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

$28,000

$24,000

Accounts Receivable

42,000

52,000

Inventory

40,000

48,000

Current Liabilities

75,000

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.

Reference no: EM132513567

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