Homework Answers
Current ratio = Current assets / Current liabilities
= $343,980 / 196,600
= 1.75 : 1
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At December 31, 2019, Sharon Lee Corporation reported current assets of $343,980 and current liabilities of $196,600. T...
At December 31, 2019, Sharon Lee Corporation reported current assets of $343,980 and current liabilities of...
At December 31, 2019, Sharon Lee Corporation reported current assets of $343,980 and current liabilities of $196,600. The following items may have been recorded incorrectly. 1. Goods purchased costing $20,440 were shipped f.o.b. shipping point by a supplier on December 28. Lee received and recorded the invoice on December 29, 2019, but the goods were not included in Lee's physical count of inventory because they were not received until January 4, 2020. 2. Goods purchased costing $15,950 were shipped f.o.b....
At December 31, 2019, Laura Hall Corporation reported current assets of $335,780 and current liabilities of...
At December 31, 2019, Laura Hall Corporation reported current assets of $335,780 and current liabilities of $201,400. The following items may have been recorded incorrectly. Compute the current ratio based on Hall’s balance sheet. Recompute the current ratio after corrections are made. 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. 1. Goods purchased costing $23,220 were shipped f.o.b. shipping point by a...
At December 31, 2019, Elizabeth Brown Corporation reported current assets of $384,510 and current liabilities of...
At December 31, 2019, Elizabeth Brown Corporation reported current assets of $384,510 and current liabilities of $212,400. The following items may have been recorded incorrectly. 1. Goods purchased costing $21,860 were shipped f.o.b. shipping point by a supplier on December 28. Brown received and recorded the invoice on December 29, 2019, but the goods were not included in Brown's physical count of inventory because they were not received until January 4, 2020. 2. Goods purchased costing $14,970 were shipped f.o.b....
At December 31, 2019. Margaret Moore Corporation reported current assets of $361,820 and current liabilities of...
At December 31, 2019. Margaret Moore Corporation reported current assets of $361,820 and current liabilities of $208,000. The following items may have been recorded incorrectly. 1. Goods purchased costing $23,190 were shipped fo.b. shipping point by a supplier on December 28. Moore received and recorded the invoice on December 29, 2019, but the goods were not included in Moore's physical count of inventory because they were not received until January 4, 2020. 2. Goods purchased costing $15,360 were shipped f.o.b.destination...
At December 31, 2016, Stellar Corporation reported current assets of $406,510 and current liabilities of $196,600....
At December 31, 2016, Stellar Corporation reported current assets of $406,510 and current liabilities of $196,600. The following items may have been recorded incorrectly. 1. Goods purchased costing $21,000 were shipped f.。.b. shipping point by a supplier on December 28. Stellar received and recorded the invoice on December 29, 2016, but the goods were not included in Stellar's physical count of inventory because they were not received until January 4, 2017. 31, but the goods were not included in Stellar's...
Exercise 8-25 (Part Level Submission) At December 31, 2016, Bridgeport Corporation reported current assets of $404,870...
Exercise 8-25 (Part Level Submission) At December 31, 2016, Bridgeport Corporation reported current assets of $404,870 and current liabilities of $197,500. The following items may have been recorded incorrectly 1. Goods purchased costing $21,690 were shipped f.?.b. Shipping point by a supplier on December 28, Bridgeport received and recorded the invoice on December 29, 2016, but the goods were not included in Bridgeport's physical count of inventory because they were not received until January 4, 2017. 2. Goods purchased costing...
Problem # 3 (Inventory Errors) At December 31, 2016, McGlaggen Corporation reported current assets of $638,000...
Problem # 3 (Inventory Errors) At December 31, 2016, McGlaggen Corporation reported current assets of $638,000 and current liabilities of $384,000. The following items may have been recorded incorrectly. McGlaggen uses the periodic method. 1. Goods purchased costing $10,000 were shipped f.o.b. destination by a supplier on December 26. McGlaggen received and recorded the invoice on December 31, 2016 but the goods were not included in McGlaggen’s physical count of inventory because they were not received until January 2, 2017....
Please include work!! Thank you Send to Gradebook < Prev --/2 Question 9 View Policies Current...
Please include work!! Thank you
Send to Gradebook < Prev --/2 Question 9 View Policies Current Attempt in Progress At December 31, 2019, Susan Wilson Corporation reported current assets of $394,140 and current liabilities of $198,100. The following items may have been recorded incorrectly. 1. 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, 2019, but the goods were not included in Wilson's physical count...
Inventory Errors
At December 31, 2010, Dwight Corporation reported current assets of $390,000 and current liabilities of $200,000. The following items may have been recordedincorrectly. Dwight uses the periodic method.1. Goods purchased costing $22,000 were shipped f.o.b. shipping point by a supplier on December 28. Dwight received and recorded the invoice on December 29, 2010, butthe goods were not included in Dwight's physical count of inventory because they were not received until January 4, 2011.2. Goods purchased costing $20,000 were shipped f.o.b....
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $460,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $60,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $25,000 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
At December 31, 2019, Sharon Lee Corporation reported current assets of $343,980 and current liabilities of $196,600. The following items may have been recorded incorrectly. 1. Goods purchased costing $20,440 were shipped f.o.b. shipping point by a supplier on December 28. Lee received and recorded the invoice on December 29, 2019, but the goods were not included in Lee's physical count of inventory because they were not received until January 4, 2020. 2. Goods purchased costing $15,950 were shipped f.o.b....
At December 31, 2019, Elizabeth Brown Corporation reported current assets of $384,510 and current liabilities of $212,400. The following items may have been recorded incorrectly. 1. Goods purchased costing $21,860 were shipped f.o.b. shipping point by a supplier on December 28. Brown received and recorded the invoice on December 29, 2019, but the goods were not included in Brown's physical count of inventory because they were not received until January 4, 2020. 2. Goods purchased costing $14,970 were shipped f.o.b....
At December 31, 2019. Margaret Moore Corporation reported current assets of $361,820 and current liabilities of $208,000. The following items may have been recorded incorrectly. 1. Goods purchased costing $23,190 were shipped fo.b. shipping point by a supplier on December 28. Moore received and recorded the invoice on December 29, 2019, but the goods were not included in Moore's physical count of inventory because they were not received until January 4, 2020. 2. Goods purchased costing $15,360 were shipped f.o.b.destination...
At December 31, 2016, Stellar Corporation reported current assets of $406,510 and current liabilities of $196,600. The following items may have been recorded incorrectly. 1. Goods purchased costing $21,000 were shipped f.。.b. shipping point by a supplier on December 28. Stellar received and recorded the invoice on December 29, 2016, but the goods were not included in Stellar's physical count of inventory because they were not received until January 4, 2017. 31, but the goods were not included in Stellar's...
Exercise 8-25 (Part Level Submission) At December 31, 2016, Bridgeport Corporation reported current assets of $404,870 and current liabilities of $197,500. The following items may have been recorded incorrectly 1. Goods purchased costing $21,690 were shipped f.?.b. Shipping point by a supplier on December 28, Bridgeport received and recorded the invoice on December 29, 2016, but the goods were not included in Bridgeport's physical count of inventory because they were not received until January 4, 2017. 2. Goods purchased costing...
Please include work!! Thank you
Send to Gradebook < Prev --/2 Question 9 View Policies Current Attempt in Progress At December 31, 2019, Susan Wilson Corporation reported current assets of $394,140 and current liabilities of $198,100. The following items may have been recorded incorrectly. 1. 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, 2019, but the goods were not included in Wilson's physical count...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $460,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $60,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $25,000 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
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