On December 31, 2024, Stella Corp. reported current assets o…
On December 31, 2024, Stella Corp. reported current assets of $300,000 and current liabilities of $225,000. As the Accountant was reviewing the financial records, it was found that $16,400 of freight-in had been expensed as a period cost in 2024. Additionally, Stella Corp. is currently holding $13,000 worth of inventory items on consignment from Lauren’s Candle Company. Stella Corp. has agreed to help Lauren’s Candle Company by trying to sell her candles in the Stella Corp. store. This $13,000 of inventory was excluded from inventory at December 31, 2024. What is Stella Corp.’s current ratio after any necessary correcting entries for the transactions described above? (Round your answer to two decimal points)