Solution-Determine the number of days in inventory

Determine the number of days in inventory

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Q1. On January 1, 2018, Baltimore Company issued $250,000 face value, 4%, 10-year bonds at 102. Interest is paid annually on January 1. Baltimore uses the straight-line method for amortization. Use this information to determine the dollar value of the interest expense for the 2018 fiscal year.

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 42,000 46,000

Current Liabilities 76,000 42,000

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

Cost of Goods Sold 290,000 265,000

Use this information to determine the number of days in inventory for 2018?

Reference no: EM132445811

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Determine the number of days in inventory

Reference no: EM132445811

Reference no: EM132445811

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