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

Problem 1Q

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