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The current assets and current liabilities, assignment help

The current assets and current liabilities sections of the balance sheet of Allessandro Scarlatti Company appear as follows.

ALLESSANDRO SCARLATTI COMPANY
BALANCE SHEET (PARTIAL)
DECEMBER 31, 2014

Cash

$ 48,750

Accounts payable

nbsp; 66,060

Accounts receivable

$92,940

Notes payable

67,950

Less: Allowance for doubtful accounts

7,640

85,300

$134,010

Inventory

175,140

Prepaid expenses

9,220

$318,410

The following errors in the corporation’s accounting have been discovered:

1.

January 2015 cash disbursements entered as of December 2014 included payments of accounts payable in the amount of $42,400, on which a cash discount of 2% was taken.

2.

The inventory included $30,300 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $12,700 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30.

3.

Sales for the first four days in January 2015 in the amount of $30,680 were entered in the sales journal as of December 31, 2014. Of these, $23,260 were sales on account and the remainder were cash sales.

4.

Cash, not including cash sales, collected in January 2015 and entered as of December 31, 2014, totaled $37,422. Of this amount, $26,362 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan.

a1)

Calculate the following adjusted balances.

Cash

$

Accounts Receivable

$

Inventory

$

Accounts Payable

$

Notes Payable

$

 
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