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The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal): Item/Account Cash 2018 2017 $35,000 $24,000 Accounts Receivable 56,000 52,000 Inventory Current Liabilities 40,000 38,000 76,000 42,000 Net Sales (all credit) 550,000 485,000 Cost of Goods Sold 320,000 265,000 Use this information to determine the number of days in inventory for 2018.

The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal): Item/Account Cash 2018 2017 $35,000 $24,000 Accounts Receivable 56,000 52,000 Inventory Current Liabilities 40,000 38,000 76,000 42,000 Net Sales (all credit) 550,000 485,000 Cost of Goods Sold 320,000 265,000 Use this information to determine the number of days in inventory for 2018.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal): Item/Account Cash 2018 2017 $35,000 $24,000 Accounts Receivable 56,000 52,000 Inventory Current Liabilities 40,000 38,000 76,000 42,000 Net Sales (all credit) 550,000 485,000 Cost of Goods Sold 320,000 265,000 Use this information to determine the number of days in inventory for 2018.
Transcribed Image Text:The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal): Item/Account Cash 2018 2017 $35,000 $24,000 Accounts Receivable 56,000 52,000 Inventory Current Liabilities 40,000 38,000 76,000 42,000 Net Sales (all credit) 550,000 485,000 Cost of Goods Sold 320,000 265,000 Use this information to determine the number of days in inventory for 2018.
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