Need Accounting help with assets and liabilities

Nov 22nd, 2015
SKTFaker
Category:
Accounting
Price: $5 USD

Question description

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 $ 44,980Accounts payable$ 62,970
Accounts receivable$93,380             Notes payable71,970
 Less: Allowance for doubtful accounts7,61085,770 $134,940
Inventory 179,050  
Prepaid expenses 9,600  

$319,400

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 $41,500, on which a cash discount of 2% was taken.
2.The inventory included $31,500 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $11,400 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 $32,250 were entered in the sales journal as of December 31, 2014. Of these, $22,810 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 $37,212. Of this amount, $25,872 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan.


Calculate the following adjusted balances.

Cash

 


Accounts Receivable

 


Inventory

 


Accounts Payable

 


Notes Payable

 


MUST SHOW WORK!!!


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