Reference no: EM132745806
Question: At December 31, 2019, Michelle Walker Corporation reported current assets of $344,340 and current liabilities of $192,700. The following items may have been recorded incorrectly.
1.Goods purchased costing $21,090 were shipped f.o.b. shipping point by a supplier on December 28. Walker received and recorded the invoice on December 29, 2019, but the goods were not included in Walker's physical count of inventory because they were not received until January 4, 2020.
2. Goods purchased costing $16,010 were shipped f.o.b. destination by a supplier on December 26. Walker received and recorded the invoice on December 31, but the goods were not included in Walker's 2019 physical count of inventory because they were not received until January 2, 2020.
3. Goods held on consignment from Claudia Kishi Company were included in Walker's December 31, 2019, physical count of inventory at $12,250.
4. Freight-in of $3,190 was debited to advertising expense on December 28, 2019.
Compute the current ratio based on Walker's balance sheet.
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