Exercise 8-11 (Part Level Submission) At December 31, 2013, Stacy McGill Corporation reported current assets of $380,900 and current liabilities of $201,000. The following items may have been recorded incorrectly. 1. Goods purchased costing $24,390 were shipped f.o.b. shipping point by a supplier on December 28. McGill received and recorded the invoice on December 29, 2013, but the goods were not included in McGills physical count of inventory because they were not received until January 4, 2014. 2. Goods purchased costing $13,690 were shipped f.o.b. destination by a supplier on December 26. McGill received and recorded the invoice on December 31, but the goods were not included in McGills 2013 physical count of inventory because they were not received until January 2, 2014. 3. Goods held on consignment from Claudia Kishi Company were included in McGills December 31, 2013, physical count of inventory at $17,460. 4. Freight-in of $3,990 was debited to advertising expense on December 28, 2013. Collapse question part (a) Incorrect answer. Your answer is incorrect. Try again. Compute the current ratio based on McGills balance sheet. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio Entry field with incorrect answer 2.00 :1 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 3 of 3 used Collapse question part (b) Incorrect answer. Your answer is incorrect. Try again. Recompute the current ratio after corrections are made. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio Entry field with incorrect answer 2.28 :1