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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 inventory because they were not recelved 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 inventory because they were not recelved until January 2, 2025 . 3. Goods held on consignment from Claudia Kishl Company were included in Clarks 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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