The image contains the following text for an educational exercise:"Recompute the current ratio after corrections are made. (Round ratio to 2 decimal places, e.g. 2.31:1.)"There is an input box present where users can enter a value for the current ratio, followed by the text ":1". This implies that learners need to calculate the current ratio, ensure it is accurate to two decimal places, and then input the result in the provided space. **Inventory Accounting Considerations for Michelle Walker Corporation**As of December 31, 2024, Michelle Walker Corporation reported current assets totaling $344,933 and current liabilities amounting to $192,700. The company employs a perpetual inventory system. Below are potential discrepancies in inventory recording:1. **Goods in Transit - F.O.B. Shipping Point:** - Goods valued at $21,090 were shipped by a supplier on December 28 with terms f.o.b. shipping point. - Michelle Walker Corporation recorded the invoice on December 29, 2024. - These goods were not included in the year-end inventory as they were not received until January 4, 2025.2. **Goods in Transit - F.O.B. Destination:** - Goods costing $16,010 were shipped by a supplier on December 26 under terms f.o.b. destination. - The invoice was recorded on December 31, but the goods were not included in the 2024 inventory because they were received on January 2, 2025.3. **Consignment Inventory:** - Goods held on consignment from Claudia Kishi Company were included in the December 31, 2024, inventory count, valued at $12,250.This highlights critical aspects of inventory accounting, notably the impact of transit terms and consignment arrangements on financial statements.

Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Answered: Recompute the current ratio after…

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

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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