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At December 31, 2024, Donna Clark Corporation reported current assets of $333,184 and current liabilities of $219,200. The following items may have been recorded incorrectly.
At December 31, 2024, Donna Clark Corporation reported current assets of $333,184 and current liabilities of $219,200. The following items may have been recorded incorrectly. Clark uses a perpetual inventory system. 1 Goods purchased costing $20,130 were shipped fo.b. shipping point by a supplier on December 28 . Clark recelved and recorded the invoice on December 29,2024 , but the goods were not included in Clark's invent because they were not received until January 4, 2025. 2. Goods purchased costing $14,260 were shipped fo.b. destination by a supplier on December 26. Clark received and recorded the invoice on December 31 , but the goods were not included in Clark's 2024 invente because they were not recelved until January 2, 2025. 3. Goods held on consignment from Claudia Kishi Company were included in Clark's December 31, 2024, inventory at $12,700. (a) Compute the current ratio based on Clark's balance sheet. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio 1 (b) Your answer is incorrect Recompute the current ratio after corrections are made (Round rotio to 2 decimal places, e.g. 2.31:1.) The current ratio
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