Question: compute the current ratio based on Young's balance sheet At December 31, 2024, Kimberly Young Corporation reported current assets of $387,720 and current liabilities of
At December 31, 2024, Kimberly Young Corporation reported current assets of $387,720 and current liabilities of $215,400. The following items may have been recorded incorrectly. Young uses a perpetual inventory system. 1. Goods purchased costing $23,820 were shipped fo.b. shippfing point by a supplier on December 28 . Young received and recorded the invoice on December 29,2024, but the goods were not included in Young's inventory because they were not received until January 4,2025. 2. Goods purchased costing $15,990 were shipped fo.b. dostination by a supplier on December 26 . Young received and recorded the invoice on December 31 , but the goods were not included in Young's 2024 inventory because they were not recelved until January 2,2025. 3. Goods held on consignment from Claudia Kishi Company were included in Young's December 31, 2024 inventoyat $12430
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