At December 31, 2024, Susan Wilson Corporation reported current assets of $394,219 and current liabilities of...
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At December 31, 2024, Susan Wilson Corporation reported current assets of $394,219 and current liabilities of $198,100. The following items may have been recorded incorrectly. Wilson uses a perpetual inventory system. 1. 2. 3. Goods purchased costing $20,520 were shipped f.o.b. shipping point by a supplier on December 28. Wilson received and recorded the invoice on December 29, 2024, but the goods were not included in Wilson's inventory because they were not received until January 4, 2025. Goods purchased costing $13,590 were shipped f.o.b. destination by a supplier on December 26. Wilson received and recorded the invoice on December 31, but the goods were not included in Wilson's 2024 inventory because they were not received until January 2, 2025. Goods held on consignment from Claudia Kishi Company were included in Wilson's December 31, 2024, inventory at $12,140. Compute the current ratio based on Wilson's balance sheet. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio (b) eTextbook and Media :1 Recompute the current ratio after corrections are made. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio Attempts: 1 of 3 used At December 31, 2024, Susan Wilson Corporation reported current assets of $394,219 and current liabilities of $198,100. The following items may have been recorded incorrectly. Wilson uses a perpetual inventory system. 1. 2. 3. Goods purchased costing $20,520 were shipped f.o.b. shipping point by a supplier on December 28. Wilson received and recorded the invoice on December 29, 2024, but the goods were not included in Wilson's inventory because they were not received until January 4, 2025. Goods purchased costing $13,590 were shipped f.o.b. destination by a supplier on December 26. Wilson received and recorded the invoice on December 31, but the goods were not included in Wilson's 2024 inventory because they were not received until January 2, 2025. Goods held on consignment from Claudia Kishi Company were included in Wilson's December 31, 2024, inventory at $12,140. Compute the current ratio based on Wilson's balance sheet. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio (b) eTextbook and Media :1 Recompute the current ratio after corrections are made. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio Attempts: 1 of 3 used
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a Calculation of the current ratio based on the information provided in Wilson Corporations balance ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
Posted Date:
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