Below is a homework question for Accounting 304 from Strayer. I am at a complete loss. I have reviewed the book and I have no clue. I cannot find any other questions similar on the website. Please help!

ACC304010VA016-1196-001: Intermediate Accounting II / HOMEWORK - CHAPTER 08 - ACC304

*Exercise 8-25

At December 31, 2016, Bonita Corporation reported current assets of $333,820and current liabilities of $219,200. The following items may have been recorded incorrectly.

1.

Goods purchased costing $20,130were shipped f.o.b. shipping point by a supplier on December 28. Bonita received and recorded the invoice on December 29, 2016, but the goods were not included in Bonita's physical count of inventory because they were not received until January 4, 2017.2.

Goods purchased costing $14,260were shipped f.o.b. destination by a supplier on December 26. Bonita received and recorded the invoice on December 31, but the goods were not included in Bonita's 2016 physical count of inventory because they were not received until January 2, 2017.3.

Goods held on consignment from Claudia Kishi Company were included in Bonita's December 31, 2016, physical count of inventory at $12,700.4.

Freight-in of $3,020was debited to advertising expense on December 28, 2016.

Compute the current ratio based on Bonita's balance sheet. (Round ratio to 2 decimal places, e.g. 2.31:1.)

The current ratio

__:1

Recompute the current ratio after corrections are made. (Round ratio to 2 decimal places, e.g. 2.31:1.)

The current ratio

__:1

By what amount will income (before taxes) be adjusted up or down as a result of the corrections? Assume that goods are sold in item #4.

Adjust Income

$__________