Question: can someone please help me with part b please thank you At December 31,2024 , Michelle Walker Corporation reported current assets of $344,933 and current

 can someone please help me with part b please thank you
can someone please help me with part b please thank you

At December 31,2024 , Michelle Walker Corporation reported current assets of $344,933 and current liabilities of $192,700. The following items may have been recorded incorrectly. Walker uses a perpetual inventory system. 1. Goods purchased costing $21,090 were shipped fo. b. shipping point by a supplier on December 28 . Walker received and recorded the invoice on December 29,2024, but the goods were not included in Walker's inventory because they were not recelved until January 4,2025 . 2. Goods purchased costing $16.010 were shipped fo.b. destination by a supplier on December 26 . Walker received and recorded the invoice on December 31 , but the goods were not included in Walker's 2024 inventory because they were not received until January 2,2025 . 3. Goods held on consignment from Claudia Kishi Company were included in Walker's December 31, 2024, inventory at $12,250. (a) Your answer is correct. Compute the current ratio based on Walker's balance sheet. (Round ratio to 2 decimal places, es. 2.31:1) The current ratio 1 eTextbook and Media Attempts: 1 of 3 used (b) Recompute the current ratio after corrections are made. (Round ratio to 2 decimal ploces, es 231:1) The current ratio 1

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!