Reference no: EM132341992
Question - At December 31, 2016, Bonita Corporation reported current assets of $333,820 and current liabilities of $219,200. The following items may have been recorded incorrectly.
1. Goods purchased costing $20,130 were shipped f.o.b. shipping point by a supplier on December 28. Bonita received and recorded the invoice on December 29, 2016, but the goods were not included in Bonita's physical count of inventory because they were not received until January 4, 2017.
2. Goods purchased costing $14,260 were shipped f.o.b. destination by a supplier on December 26. Bonita received and recorded the invoice on December 31, but the goods were not included in Bonita's 2016 physical count of inventory because they were not received until January 2, 2017.
3. Goods held on consignment from Claudia Kishi Company were included in Bonita's December 31, 2016, physical count of inventory at $12,700.
4. Freight-in of $3,020 was debited to advertising expense on December 28, 2016.
Compute the current ratio based on Bonita's balance sheet.
Re-compute 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.
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