Reference no: EM132574603

Question 1: 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 $2,000,000 of $10 par value common stock and Preferred Stock account of $100,000 of $100 par value. There was no treasury stock. The preferred stock was noncumulative and had a call price of $103. 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.)

Question 2: 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                                            42,000                  46,000

Current Liabilities                                     76,000                42,000

Net Sales (all credit)                           550,000                      485,000

Cost of Goods Sold                                  350,000                      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.)