At December 31, 2024, Susan Wilson Corporation reported current assets of $394,219 and current liabilities of $198,100. The following items may have been recorded incorrectly. Wilson uses a perpetual inventory system. 1. 2. 3. Goods purchased costing $20,520 were shipped f.o.b. shipping point by a supplier on December 28. Wilson received and recorded the invoice on December 29, 2024, but the goods were not included in Wilson's inventory because they were not received until January 4, 2025. Goods purchased costing $13,590 were shipped f.o.b. destination by a supplier on December 26. Wilson received and recorded the invoice on December 31, but the goods were not included in Wilson's 2024 inventory because they were not received until January 2, 2025. Goods held on consignment from Claudia Kishi Company were included in Wilson's December 31, 2024, inventory at $12,140.

At December 31, 2024, Susan Wilson Corporation reported current assets of $394,219 and current liabilities of $198,100. The following items may have been recorded incorrectly. Wilson uses a perpetual inventory system. 1. 2. 3. Goods purchased costing $20,520 were shipped f.o.b. shipping point by a supplier on December 28. Wilson received and recorded the invoice on December 29, 2024, but the goods were not included in Wilson's inventory because they were not received until January 4, 2025. Goods purchased costing $13,590 were shipped f.o.b. destination by a supplier on December 26. Wilson received and recorded the invoice on December 31, but the goods were not included in Wilson's 2024 inventory because they were not received until January 2, 2025. Goods held on consignment from Claudia Kishi Company were included in Wilson's December 31, 2024, inventory at $12,140.

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Description: Need help understanding what i'm doing wrong with this accounting class. At December 31, 2024, Susan Wilson Corporation reported current assets of $394,219 and current liabilities of $198,100. Thefollowing items may have been recorded incorrectly. Wi

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Need help understanding what i'm doing wrong with this accounting class.

At December 31, 2024, Susan Wilson Corporation reported current assets of $394,219 and current liabilities of $198,100. The
following items may have been recorded incorrectly. Wilson uses a perpetual inventory system.
1.
2.
3.
(a)
Goods purchased costing $20,520 were shipped f.o.b. shipping point by a supplier on December 28. Wilson received and
recorded the invoice on December 29, 2024, but the goods were not included in Wilson's inventory because they were not
received until January 4, 2025.
Goods purchased costing $13,590 were shipped f.o.b. destination by a supplier on December 26. Wilson received and
recorded the invoice on December 31, but the goods were not included in Wilson's 2024 inventory because they were not
received until January 2, 2025.
(b)
Goods held on consignment from Claudia Kishi Company were included in Wilson's December 31, 2024, inventory at
$12,140.
Your answer is correct.
Compute the current ratio based on Wilson's balance sheet. (Round ratio to 2 decimal places, e.g. 2.31:1.)
The current ratio
eTextbook and Media
* Your answer is incorrect.
Recompute the current ratio after corrections are made. (Round ratio to 2 decimal places, e.g. 2.31:1.)
The current ratio
eTextbook and Media
1.99 :1
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1.99 :1
Attempts: 1 of 3 used
Attempts: 2 of 3 used
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