Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. at december 31, 2024, dorothy taylor corporation r

At December 31, 2024, Dorothy Taylor Corporation reported current assets of $395,352 and current liabilities...

70.2K

Verified Solution

Question

Accounting

At December 31, 2024, Dorothy Taylor Corporation reported current assets of $395,352 and current liabilities of $193,800. The following items may have been recorded incorrectly. Taylor uses a perpetual inventory system. 1. 2. 3. Goods purchased costing $24,190 were shipped f.o.b. shipping point by a supplier on December 28. Taylor received and recorded the invoice on December 29, 2024, but the goods were not included in Taylor's inventory because they were not received until January 4, 2025. Goods purchased costing $13,620 were shipped f.o.b. destination by a supplier on December 26. Taylor received and recorded the invoice on December 31, but the goods were not included in Taylor's 2024 inventory because they were not received until January 2, 2025. Goods held on consignment from Claudia Kishi Company were included in Taylor's December 31, 2024, inventory at $12,840. Compute the current ratio based on Taylor's balance sheet. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio eTextbook and Media 2.04 :1 (b) Recompute the current ratio after corrections are made. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio :1 eTextbook and Media Save for Later Attempts: 1 of 3 used Attempts: 0 of 3 used Submit

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students