Need Accounting help with assets and liabilities
The current assets and current liabilities sections of the balance sheet of Allessandro Scarlatti Company appear as follows.
ALLESSANDRO SCARLATTI COMPANY |
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Cash | $ 44,980 | Accounts payable | $ 62,970 | |
Accounts receivable | $93,380 | Notes payable | 71,970 | |
Less: Allowance for doubtful accounts | 7,610 | 85,770 | $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 |
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Accounts Receivable |
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Inventory |
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Accounts Payable |
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Notes Payable |
MUST SHOW WORK!!!