Reference no: EM132426791
Question -
Part A) 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 24,000 $24,000
Accounts Receivable 54,000 52,000
Inventory 49,000 48,000
Current Liabilities 77,000 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.)
Part B) On January 2, 2018, All Good Company purchased 5,000 shares of the stock of Big Bad Company, and DID obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $20 per share, and represents a 30% ownership stake. Big Bad Company made $400,000 of net income in 2018, and paid dividends to All Good Company of $25,000 on December 15, 2018. Big Bad Company's stock was trading on the open market for $20 per share at the end of the year. Use this information to determine the book value of the investment that should be reported at year end by All Good Company. Round to nearest whole dollar.
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